Robert Rivani Secures $114.3 Million Refinancing for Miami Beach ‘Concierge Office’ Complex

Developer Robert Rivani has secured a $114.3 million refinancing package from BridgeInvest for his "Rivani" office and retail complex in Miami Beach. The new capital, provided from BridgeInvest Credit Fund V, will be used to retire $38 million in existing debt and cover leasing costs until the property reaches stabilization. Berkadia’s Brad Williamson, Scott Wadler, Mitch Sinberg, and Matthew Robbins arranged the transaction.

Located at 1691 Michigan Avenue, the seven-story building spans 165,170 square feet, comprising 119,000 square feet of office space and over 43,000 square feet of retail. Rivani acquired the property in 2024 for $62.5 million and has since invested $38 million in renovations, transforming it into a "concierge office" asset. These upgrades include hospitality amenities such as a full-service concierge, valet, spa, fitness area, meditation room, podcast studio, and a speakeasy-style lounge.

The complex is currently 83 percent leased, hosting notable tenants like Playboy Enterprises, which uses 20,000 square feet as its global headquarters, Apple, Morgan Stanley, and Wix. Rivani is also pursuing a future expansion, seeking Miami Beach voter approval for a $50 million project to add 47,000 square feet above an existing parking garage. This plan would reduce the property's parking capacity from 712 to 387 spots. This refinancing secures the current asset while paving the way for potential future growth, contingent on local policy decisions.