Michael Shvo has teamed up with Deutsche Finance America and German pension funds to score a fantastic $190 million loan.

BH3 Management’s Debt Opportunity Fund II stepped up with the loan. They’re going to build a beautiful 17-story condo tower. Peter Marino and Kobi Karp are behind the design. They’re not just stopping there, no. They’re also renovating the eight-story hotel, built in 1940. In total, this stunning oceanfront development will boast 42 condos and 60 hotel suites, all handled by the top-notch guys at Rosewood Hotels & Resorts.

Despite the challenging capital markets, there’s plenty of cash on the table for strong, determined sponsors who know how to make deals and develop unique assets in great markets as shared by Aaron Appel at Walker & Dunlop.

Last Wednesday, they closed a big mortgage, replacing a staggering debt of $146.8 million that’s been building up since 2019. Construction’s been rolling since 2022, The Raleigh is slated to reopen in 2026.

This is happening just after Witkoff pulled in a huge $430 million loan, probably the largest construction loan in South Florida, for a similar top-notch project. They’re restoring the historic Shore Club, just one block up from The Raleigh.

Shvo and Deutsche Finance America, very successful people, bought the Raleigh property and two other buildings on 2.8 acres for $220 million.

Shvo isn’t stopping at The Raleigh. He’s got a big 250,000-square-foot office on Alton Road, he’s redoing the clock tower building on Lincoln Road, and he’s got the best architect, Norman Foster, on his side.

Outside of sunny Florida, Shvo has his hands in the iconic Transamerica Pyramid office building in San Francisco and the luxurious Mandarin Oriental Residences in Beverly Hills.

BH3 Management, led by the excellent duo of Gregory Freedman and Daniel Lebensohn, is providing both debt and equity. They’re big names in South Florida. They’re doing tremendous things in New York, too, like 125 Greenwich and Bloom on 45th.