Developer Michael Shvo has exited the Raleigh Miami Beach project following its sale to Nahla Capital for approximately $270 million. The three-acre property, located at 1775, 1757, and 1751 Collins Avenue, was acquired by the New York-based private equity firm, which manages $2 billion in assets. Bloomberg initially reported on the transaction.
Sources confirmed that JVP Management, also based in New York, provided Nahla with $250 million in financing to support both the acquisition and future development of the site.
Shvo’s departure from this high-profile Miami Beach asset comes after he and his partners—Deutsche Finance America and a group of German pension funds—purchased the assemblage for $243 million in 2019. The property includes not only the Raleigh but also the Richmond and South Seas hotels.
Under Shvo’s leadership, Peter Marino and Kobi Karp Architecture & Interior Design were brought on to design a redevelopment plan featuring a 17-story luxury condominium tower with 44 units, a private members’ club, and a hotel component. The Raleigh itself is an Art Deco landmark designed by L. Murray Dixon.
Presale prices for units mostly exceeded $5,000 per square foot; one unit reportedly went under contract for nearly $8,500 per square foot. However, the project faced stiff competition from nearby developments such as Witkoff and Monroe Capital’s Auberge-branded Shore Club redevelopment.
Last year, Shvo ended his relationship with Official—the sales firm previously led by Oren and Tal Alexander—after allegations surfaced against its founders. Sales responsibilities then shifted to Anna Sherrill of One Sotheby’s International Realty.
In 2023, BH3 Management originated a $190 million refinancing loan for the project; according to a BH3 spokesperson, this loan was paid off as part of the recent sale.
A spokesperson for the Raleigh stated: “The partnership has chosen to sell the property to Nahla following its repositioning of the project.”
Newmark’s Adam Spies and Marcella Fasulo brokered the deal.
Separately in September, Shvo sold another Miami Beach asset—a planned office and apartment development on Alton Road—to Infinity Collective through a deed-in-lieu-of-foreclosure arrangement. He retains partial ownership in another local development at One Soundscape Park on Washington Avenue.
