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Faena District in Miami Beach scores $140M refi
Alan Faena and Len Blavatnik developed the 1M sf mixed-use 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