Faena Miami Beach lands $80M construction loan

Developers obtained a $300M refi in January 2014

TRD MIAMI /
Apr.April 30, 2015 04:15 PM

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.


Related Articles

arrow_forward_ios
4238-4276 Northwest 7th Street in Miami, Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth

Mixed-use Le Jeune Road dev site heads to market for $17M

Mixed-use Le Jeune Road dev site heads to market for $17M
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)

Developer of Aman-branded towers in Miami Beach scores $35M loan

Developer of Aman-branded towers in Miami Beach scores $35M loan
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)

57 Ocean in Miami Beach scores $59M construction loan

57 Ocean in Miami Beach scores $59M construction loan
JPMorgan Chase CEO Jamie Dimon (Credit: Win McNamee/Getty Images, Google Maps, iStock)

JPMorgan Chase buys own branch in West Palm

JPMorgan Chase buys own branch in West Palm
South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality
Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

Moishe Mana buys City National Bank building in downtown Miami
Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

Ugo Colombo pays off $236M construction loan for Brickell Flatiron
Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Affordable housing project in downtown Fort Lauderdale lands $27M loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...