The Real Deal Miami

Faena Miami Beach lands $80M construction loan

Developers obtained a $300M refi in January 2014

April 30, 2015 04:15PM
By Katherine Kallergis

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Faena Miami Beach rendering and Alan Faena

Faena Miami Beach rendering and Alan Faena

Alan Faena’s Miami Beach development received an $80 million construction loan, The Real Deal has learned.

HSBC granted the mortgage to 3420 Collins Avenue LLC, a company tied to Faena and his Saxony Hotel, according to Miami-Dade County records.

Faena Miami Beach spans from 32nd Street to 36th Street. It includes the Faena Versailles Classic and Contemporary residential towers, Faena Saxony hotel, a marina and a retail complex designed by Rem Koolhaas and OMA. The 47-unit Faena House sold out less than a year ago. Closings are scheduled to begin this spring.

In January 2014, developers obtained a $300 million refinancing from HSBC — including $128 million of then-new capital — for the Faena House and Saxony Hotel.

Developers announced the two residential towers, with prices ranging from $3 million to more than $50 million, earlier this month. Versailles Classic will be a 22-unit tower designed by William Sofield. Faena Versailles Contemporary will feature 41 units designed by architect Brandon Haw, Faena Group.

Calls to Faena representatives were not immediately returned.