Shvo loses Raleigh Miami Beach in $270M sale to Nahla Capital

Developer Michael Shvo is no longer involved in the Raleigh Miami Beach, the trophy asset he planned to redevelop into a luxury condo and hotel project.  New York-based Nahla Capital paid about $270 million for the three-acre property at 1775, 1757 and 1751 Collins Avenue, sources confirmed to The Real Deal. Bloomberg first reported the sale. Nahla, a private equity firm with $2 billion in assets under management, won a bid to purchase the project this summer, though Shvo had a right of first refusal and was reportedly working on raising new funds to pay off his partners and the […]This article originally appeared on The Real Deal. Click here to read the full story.