Paul Cejas buys last developer unit at Faena House for $20M

Miami /
May.May 20, 2016 02:15 PM

It’s been a busy month for Paul Cejas, an investor and Miami’s home-grown former U.S. ambassador.

First, Cejas refinanced his Lincoln Road holdings with a huge $70 million loan. Now, he’s just closed on the $20 million purchase of a flashy Faena House penthouse.

The former U.S. ambassador to Belgium and his wife Gertie paid nearly $2,790 per square foot for Penthouse D at the newly built tower, according to county records. The unit measures 7,169 square feet and was Faena House’s last remaining developer-owned unit out of its 44.

Requests for comment to Erik Schneider, who handles developer sales for Faena, were not immediately returned.

The county property appraiser shows Penthouse D was the last of Faena House’s developer units to sell.

As The Real Deal previously reported, Faena House enjoyed huge success as the most expensive new condo tower to open this cycle in terms of price per square foot. A wave of executives and Wall Street bigwigs have been noted buyers at the tower — though some, like billionaires Leon Black and Ken Griffin, appear to be making their exit from the building before it even reaches its first anniversary.

Cejas, who heads PLC Investments, marks the latest wealthy buyer to plant their flag in the Faena district. Just last week, he refinanced his flagship property on Miami Beach’s Lincoln Road — the building where McDonald’s and Zara have leases — with a $70 million loan.

The South Florida Business Journal first reported Cejas’ purchase.


Related Articles

arrow_forward_ios
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley
Baptist, Belmont gain approval for luxury senior living in Coral Gables
Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)
Sunrise affordable senior housing facility sells for $30M
Sunrise affordable senior housing facility sells for $30M
Mark Zilbert
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
arrow_forward_ios

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

Loading...