Overview
- Nahla Capital closed on the 3-acre oceanfront property at 1751–1775 Collins Avenue for roughly $270 million, according to Bloomberg.
- BH3 Management said the $190 million loan it issued in 2023 was paid down as part of the transaction.
- Construction and sales had stalled at the project, with just four condo contracts recorded by December 2024 and a sales shake-up after indictments of former lead brokers Tal and Oren Alexander.
- Nahla prevailed in a summer bid for the site, while Michael Shvo held a right of first refusal but failed to raise funds to match the offer; Newmark’s Adam Spies and Marcella Fasulo brokered the sale.
- Shvo acquired the parcel in 2019 with partners Deutsche Finance America and German pension fund BVK and has since exited other Miami Beach holdings, underscoring a broader retreat.