Nolan Reynolds International has closed $177 million in refinancing for Thesis Miami, its nearly 900,000-square-foot mixed-use campus at 1340–1350 South Dixie Highway in Coral Gables, across the street from the University of Miami.

Who provided the financing for Thesis Miami?

Starwood Property Trust contributed $135 million of the total package, covering the roughly 200-unit multifamily and retail building, while New York-based Ramsfield Hospitality Finance supplied the remaining $42 million specifically earmarked for upgrades to the 245-key Curio Collection by Hilton hotel located on the adjacent parcel.

  • Starwood Property Trust: $135 million toward multifamily and retail components
  • Ramsfield Hospitality Finance: $42 million directed at hotel renovation and upgrades
  • Combined total: $177 million across two distinct asset types on the same campus

What is Thesis Miami and where does it stand today?

Thesis Miami is a large-scale mixed-use development that Nolan Reynolds International completed in 2020 under its original name, Paseo de la Riviera, encompassing residential units, ground-floor retail, and a full-service hotel on South Dixie Highway in Coral Gables. The campus sits directly opposite the main entrance to the University of Miami, giving it a built-in demand driver from students, faculty, and university visitors.

  • Original project name at completion: Paseo de la Riviera (2020)
  • Total campus size: approximately 900,000 square feet
  • Residential component: roughly 200 multifamily units
  • Hotel component: 245 keys operating under the Curio Collection by Hilton flag

Why does this refinancing matter for Coral Gables real estate?

The $177 million deal signals continued institutional confidence in Coral Gables as a high-value mixed-use submarket, with two separate lenders underwriting distinct asset classes — multifamily and hospitality — within a single campus transaction. Coral Gables has long commanded premium pricing relative to the broader Miami-Dade market, and a refinancing of this scale on South Dixie Highway reinforces the corridor's appeal to national capital sources.

  • Starwood Property Trust is a publicly traded real estate finance company with a national portfolio
  • Ramsfield Hospitality Finance specializes in hotel-sector lending, reflecting targeted sector expertise
  • The University of Miami proximity supports both residential occupancy and hotel demand year-round

What happens next at the Thesis Miami campus?

The Ramsfield Hospitality Finance portion of the loan is designated for hotel upgrades at the Curio Collection by Hilton property, suggesting near-term renovation activity at the 245-key hotel. Nolan Reynolds International has not publicly disclosed a timeline for those improvements beyond the refinancing announcement.

Original reporting by The Real Deal Miami.