Homestead salmon farm reels in $210M construction loan

Main building will span 390K sf for hatching, raising and harvesting salmon

Miami /
Apr.April 23, 2020 03:30 PM
Johan Andreassen and Bjorn-Vegard Lovik with the facility

Johan Andreassen and Bjorn-Vegard Lovik with the facility

An under-construction salmon farm in Homestead just reeled in $210 million in refinancing.

Atlantic Sapphire secured the construction loan for the four-phased development at 22275 Southwest 272nd Street from DNB Bank, according to a spokesperson for Holland & Knight. Attorneys Alberto Hernandez and Elena Otero and associates Faisal Kraziem, Brittany Fox and Danielle Moore represented Atlantic Sapphire in the deal.

The refinancing breaks down to a $180 million term loan and a $30 million revolving credit facility, the spokesperson said.

The Miami Bluehouse facility will consist of a 390,000-square-foot climate-controlled main building where salmon will be hatched, raised and harvested. It’s expected to be one of the largest salmon farms in the world once it’s completed.

Atlantic Sapphire has a Bluehouse facility operating in Denmark that served as a pilot for the company, according to Atlantic Sapphire’s website.

Salmon farms such as the one in Homestead allow for raising salmon closer to the end-consumers, reducing the carbon footprint, experts say.

Brickell-based Atlantic Sapphire, led by founders and Norwegian salmon entrepreneurs Johan Andreassen and Bjorn-Vegard Lovik, selected Homestead after a 14-state search as their first location in the U.S., according to the company’s website.

In 2016, the South Florida Water Management District granted permits to Atlantic Sapphire to source 20 million gallons of water a day from Florida’s underground aquifers, UPI reported earlier this year. The company’s goal is to produce 100,000 tons of fish by 2026. It plans to sell salmon to major grocery store chains.

Developers like Lennar and DR Horton have been aggressively buying up hundreds of acres in Homestead and the surrounding area to build new home communities, as land becomes scarce closer to the urban core.


Related Articles

arrow_forward_ios
Kushner scores $127M financing for Edgewater dev site
Kushner scores $127M financing for Edgewater dev site
Kushner scores $127M financing for Edgewater dev site
David Grutman and Pharrell’s Goodtime Hotel in South Beach scores $164M refi
David Grutman and Pharrell’s Goodtime Hotel in South Beach scores $164M refi
David Grutman and Pharrell’s Goodtime Hotel in South Beach scores $164M refi
Oak Street Capital buys another South Florida Walgreens
Oak Street Capital buys another South Florida Walgreens
Oak Street Capital buys another South Florida Walgreens
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Opportunity Zone fund proposes Bitcoin mining project near Homestead speedway
Opportunity Zone fund proposes Bitcoin mining project near Homestead speedway
Opportunity Zone fund proposes Bitcoin mining project near Homestead speedway
Stuart Miller, Executive Chairman of Lennar (Getty, University of Miami)
Lennar picks up 27 acres in Homestead for $7M
Lennar picks up 27 acres in Homestead for $7M
Developers of Society Wynwood mixed-use project scores $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Todd Michael Glaser with renderings of the project (Aztec Group)
Developers of Little Havana mixed-use project score $27M construction loan
Developers of Little Havana mixed-use project score $27M construction 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...