Nahla Capital Takes Over Shvo’s Raleigh Miami Beach Project in $270M Deal
By Julia Echikson October 17, 2025 11:32 am
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Michael Shvo is out at his delayed Raleigh luxury condo and hotel development along Miami Beach’s oceanfront.
Private equity firm Nahla Capital paid about $270 million for the Art Deco project, where vertical construction and sales have stalled, Bloomberg reported. Located at 1775 Collins Avenue, the 3-acre site sits along a coveted strip in South Beach, near Witkoff Group’s Shore Club.
Over the summer, Nahla won a bid to purchase the project, but Shvo, who had a right of first refusal, was looking to raise funds to match the bid and pay off the project’s financing and partners. Newmark’s Adam Spies and Marcella Fasulo brokered the sale on behalf of the sellers.
In 2019, Shvo, alongside Deutsche Finance America and German pension fund Bayerische Versorgungskammer, purchased the parcel for $220 million. The move came as Shvo, a star residential broker turned developer, was attempting a comeback after being convicted of tax evasion.
Plans for the Raleigh included restoring the eight-story hotel, originally constructed in 1940, and adding a 17-story tower next door with 44 condos, designed by Peter Marino. Rosewood Hotel & Resorts was set to manage the property.
In 2023, BH3 Management provided a $190 million loan, which was scheduled to mature in July. The lender agreed to extend the mortgage by three months, per Bloomberg.
The Raleigh faced another snag, when its lead sales brokers, brothers Tal and Oren Alexander, were indicted on state sexual assault and federal sex trafficking charges this year. One Sotheby’s International Realty took over the assignment. (The brothers have denied any wrongdoing.)
The sale of the Raleigh marks the latest setback for Shvo. Last month, the New York-based developer sold an assemblage along Alton Road, also in Miami Beach, where he planned to build a mixed-use project designed by Foster + Partners, The Real Deal reported.
Representatives for Shvo, Nahla Capital and Newmark did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
