RIVANI Lands $114M Refi for Future Playboy HQ

September 21, 2026

Finance Miami News Office More Southeast

BridgeInvest provided the loan for the Miami-area property.

Image of a six-story office building called The Lincoln, now rebranded as The Rivani in Miami Beach, Fla. — The six-story building currently known as The Rivani went through a $38 million renovation. Image courtesy of Yardi Matrix

RIVANI, formerly known as Black Lion Investment Group, has obtained a $114.3 million loan for The Rivani, a 165,170-square-foot office building in Miami Beach, Fla. BridgeInvest originated the note through its BridgeInvest Credit Fund V LP. Berkadia arranged the deal on behalf of the borrower, while the lender had in-house representation.

Proceeds will pay off existing debt and provide additional capital to support leasing efforts and other building-associated expenses. The property was 83 percent leased at the time of closing.

The transaction follows RIVANI’s recent office acquisition of 404 Washington Ave., a roughly 160,000-square-foot mid-rise in the same city. The Trump Group sold it for $32.5 million and the same lender provided a $29.5 million loan, Yardi Matrix information shows.

A boutique office building in metro Miami

The Rivani is a six-story office building at 1691 Michigan Ave. Completed in 2003 on roughly 2 acres, the property is between the city’s east and west thoroughfares, as well as close to Lincoln Road, a pedestrian promenade with shopping, dining, retail and cultural destinations that welcomes more than 10 million visitors per year. Downtown Miami is 6 miles away, while its international airport is 11 miles west.

The Rivani features three passenger elevators, 38,500 square feet of retail space and some 700 parking spots. The building underwent a $38 million transformation that was recently completed. Now the property features a limestone facade and hospitality-inspired amenities, such as a meditation room, spa center with infrared sauna and cold plunge, fitness center, on-site café and conference room.

Current tenants include Morgan Stanley, The Jills Zeder Group, Wix and RIVANI, which uses 5,000 square feet for its flagship headquarters. The property will also welcome Playboy, which will relocate its global operations from Los Angeles in 2027.

A repositioned property slated for expansion

RIVANI bought the asset for $62.5 million from Clarion Partners in 2024, marking its first office investment in Miami Beach. At the time, it was the largest such transaction in the submarket since 2016. The firm financed the purchase with a $52.5 million loan issued by Amerant Bank, according to Yardi Matrix information.

Since then, RIVANI redeveloped the building, formerly known as The Lincoln, into a high-end workplace. The owner also plans a $50 million expansion that would add roughly 47,000 square feet above the property’s parking structures.

Berkadia Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Scott Wadler and Matthew Robbins, together with Director Michael Basinski, represented RIVANI. Partner & Head of Originations Jon Gitman, Associate Vice President Adrie Bailey, Managing Partner Alex Horn and Analyst Beck Granelli negotiated on behalf of BridgeInvest.

Miami stands out as office sector struggles with rising maturities

Uncertainty in the broader office sector continues as the wall of loan maturities is expected to peak in the following years, according to a recent Yardi Matrix national office report. Some 14,000 office buildings are encumbered by financing expected to mature by 2028, totaling $289.2 billion—or 33.5 percent of total debt volume.

Many markets continue to struggle with low physical office occupancy, impacted by hybrid work models and elevated vacancies. Eight of the top U.S. office markets recorded vacancies above 20 percent as of August.

Miami, however, is not one of them. The metro’s vacancy rate reached 11.6 percent—a 170-basis-point recovery from a year ago, driving a wave of corporate office moves. Additionally, office visits in the Magic City exceeded the 2019 levels.

Miami’s strong fundamentals have driven healthy lending activity in recent months. One example is Pebb Capital’s $223 million refinancing deal backed by Sundy Village, a mixed-use campus in Delray Beach, Fla., that includes office, retail and dining spaces. J.P. Morgan and Hudson Bay Capital provided the debt.

The same month, Gatsby Florida landed a $118.6 million loan for a roughly 200,000-square-foot redevelopment project in Palm Beach Gardens, Fla. It will be the developer’s second trophy office building in the portfolio and serve as the centerpiece of a mixed-use district with 1,200 new apartments. Gatsby’s first development in the submarket, DiVosta Towers, also secured a $100.4 million refinancing in June.