Berkadia Secures $114.3M Loan To Refinance RIVANI In Miami Beach
The refinancing follows RIVANI’s approximately $38 million transformation of the 165,170-square-foot property.
The refinancing follows RIVANI’s approximately $38 million transformation of the 165,170-square-foot property.
Berkadia Miami’s Brad Williamson, Scott Wadler and Michael Basinski, along with Mitch Sinberg, Matt Robbins, and Jacob Kelly, secured the financing on behalf of RIVANI. BridgeInvest provided the loan.
Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.
Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia Miami, secured a $36.08 million loan on behalf of the developer, Fortune International Group.
Phase II will consist of 6,000 square feet of ground-floor retail space and 42,000 square feet of creative office space, slated for completion in Q2 2026.
The property, which launched in late 2021 and is now more than 95-percent sold, is currently under construction and is expected to complete in early 2028.
Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
The project will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
Pulso Capital purchased the property for $551,282 per unit.
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