Faena District in Miami Beach scores $140M refi

Alan Faena and Len Blavatnik developed the 1M sf mixed-use district

Miami /
May.May 21, 2018 06:00 PM

Len Blavatnik and Alan Faena at the Faena District

Len Blavatnik’s Access Industries secured a $140 million loan to refinance the Faena District in Miami Beach.

Apollo Commercial Real Estate Finance is providing the floating-rate loan, according to the Commercial Observer. The financing is backed by the Faena Hotel Miami Beach, Casa Faena hotel, the Faena Hotel Residences, the Faena Forum, the Faena Bazaar and the retail and parking.

JLL negotiated the refinance.

Blavatnik and Argentine developer Alan Faena built the 1 million-square-foot mixed-use district, on Collins Avenue between 32nd and 36th streets. They financed construction of the 169-key Faena Hotel and the condo building with a $300 million loan from HSBC in 2014. The bank also provided an $80 million loan for underground parking and Casa Faena a year later.

In 2016, Faena postponed his plans to redevelop the Faena Versailles and Faena Mar projects due to the condo market slowdown.  [CO] – Katherine Kallergis


Related Articles

arrow_forward_ios
Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
A unit in Continuum South Beach was the top sale last week (Luxhunters for ONE Sotheby’s International Realty)
Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach condo
Ex-Miami Dolphins defensive end Andre Branch with the $6 million property (Getty, The Jills Zeder Group)
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Renderings of 3017 Flamingo Drive and Andrew Lessman (D/Vice Inc., ProCaps Laboratories)
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
After the construction of Eighty Seven Park (Google Maps)
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
arrow_forward_ios

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

Loading...