NRI Secures $177 Million Refinance for Thesis Miami in Coral Gables

• Nolan Reynolds International (NRI) secured $177 million in refinancing for the Thesis Miami mixed-use project at 1340 and 1350 South Dixie Highway, Coral Gables, FL 33146.
• Starwood Property Trust provided $135 million to refinance the multifamily and retail portion, while Ramsfield Hospitality Finance provided $42 million for the hotel.
• The financing includes $42 million for upgrades to the 245-key Curio Collection by Hilton hotel and a $135 million refinance for the residential building, which has just over 200 apartments.

What The $177 Million Financing Covers

Nolan Reynolds International has secured a combined $177 million refinancing for Thesis Miami, a mixed-use project located directly across from the University of Miami in Coral Gables. The financing is split between the property's residential and hotel components. Starwood Property Trust provided $135 million for the multifamily and retail portion at 1340 South Dixie Highway, while Ramsfield Hospitality Finance provided $42 million for the hotel at 1350 South Dixie Highway. The financing was arranged with assistance from Lotus Capital Partners, which advised NRI on the transaction. NRI CEO and Managing Partner Brent Reynolds said the company has an established relationship with Starwood and Lotus and was introduced to Ramsfield through Lotus.

What The Multifamily Refinance Means

The $135 million Starwood loan refinances the existing construction financing on the project's residential building. The six-story building contains more than 200 apartments, along with retail space. The residences include studios and one-, two- and three-bedroom apartments ranging from just over 500 square feet to more than 1,500 square feet. Current advertised rents range from approximately $3,800 to $9,400 per month, according to Apartments.com. Based on the reported unit count, the new financing represents roughly $650,000 per apartment, giving the refinance a substantial per-unit value relative to the property's original development cost.

What The Hotel Financing Will Fund

The remaining $42 million was provided by Ramsfield Hospitality Finance for the project's hotel component. The 10-story property includes 245 rooms and operates as part of Hilton's Curio Collection. NRI plans to use the new financing for upgrades to the hotel, representing roughly $171,000 per room in financing. The hotel and residential buildings together contain nearly 900,000 square feet, with retail space incorporated into both properties.

What The Property Has Become Since Completion

The project was completed in 2020 under the name Paseo de la Riviera. NRI previously reported that the total development cost exceeded $225 million, including the acquisition of the land. The property's location across from the University of Miami gives the residential and hospitality components access to a major employment and education hub, while South Dixie Highway has continued to attract new mixed-use development. The project was later branded as Thesis Miami, positioning the residential and hospitality components as a larger mixed-use destination in the Coral Gables market.

What NRI Has Built In The Area

Thesis Miami is not NRI's only major mixed-use project near South Dixie Highway. The developer also completed Gables Station with 54 Madison Partners in 2021. Hines acquired Gables Station for $430 million in 2022. The 14-story development includes 495 apartments, an approximately 80,000-square-foot Life Time athletic club, 25,000 square feet of coworking space and a Trader Joe's. The activity around South Dixie Highway reflects the broader shift toward mixed-use development in the Coral Gables and South Miami area, where projects such as Grove Central and Link at Douglas have added more apartments, retail and other commercial uses.

What The Refinance Says About South Florida Investment

The Thesis Miami financing comes as lenders continue to selectively provide capital for stabilized South Florida multifamily and hospitality assets. The split financing is also notable because it addresses two different parts of the same mixed-use property. The residential loan provides refinancing for an existing apartment asset, while the hotel loan gives NRI additional capital to upgrade the hospitality component. For owners and investors, the deal shows that well-located properties with multiple income streams can still attract substantial institutional financing despite higher borrowing costs.