Faena House, Saxony Hotel get $300M refi

Miami /
Jan.January 09, 2014 12:00 PM

The developers of Faena Miami Beach have obtained a $300 million refinancing — including $128 million of new capital — for the Faena House and Saxony Hotel components of the mixed-use development, The Real Deal has learned.

Tower 3315 and 3201 Hotel, companies managed by Faena Group CFO Sergio Jalife, consolidated an existing $172 million credit line and received a $128 million future advance on Tuesday, according to Miami-Dade County records. HSBC Bank USA served as administrative agent for the group of lenders that provided the refinancing. The HSBC-led group assumed the credit line from Saxony Beach Lender.

Argentinian developer Alan Faena has generated substantial attention for the $1 billion Faena Miami Beach, with a particular focus on the $550 million repositioning of the Saxony. In his first Miami project, prominent Dutch architect Rem Koolhaas designed the renovation.

Faena also collaborated with “The Great Gatsby” director Baz Luhrmann and Academy Award-winning wife Catherine Martin on the Saxony repositioning.

Construction of the 47-unit Faena House condo project began in February 2013. Goldman Sachs Group CEO Lloyd Blankfein and Apollo Global Management co-founder Leon Black are believed to be early buyers at the high-end building. — Eric Kalis


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