Faena House, Saxony Hotel get $300M refi

Faena Miami Beach rendering and Alan Faena
Faena Miami Beach rendering and Alan Faena

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.

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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