Len Blavatnik’s Access Scores $225M Faena District Refi

The real estate arm of billionaire Len Blavatnik’s Access Industries scored a $225 million refinancing of the debt backing the Faena District, The Real Deal has learned.

J.P. Morgan increased the loan backing the district by $55 million, according to Access Real Estate, a division of New York-based Access Industries. The new loan lowers the effective interest rate through a reduced spread, according to Access. The deal closed on Friday.

Jonah Sonnenborn, who leads Access Real Estate, said the refinancing “reflects the resilience” of Miami’s luxury tourism and real estate sectors. The district includes the Faena Hotel at 3201 Collins Avenue, the Faena Forum arts complex at 3300 Collins Avenue and the 38-key Casa Faena hotel at 3500 Collins Avenue.

In 2022, J.P. Morgan boosted the existing debt by $55 million to $170 million, records show.

The oceanfront hotel has 179 rooms and suites. Faena and Access gutted and renovated the property, which is the former Saxony Hotel, that was built in 1947. It reopened in late 2015.

Access and developer Alan Faena completed the luxury oceanfront Faena House condo building in 2015, and Access is backing the development of Aman Miami Beach, an OKO Real Estate luxury hotel and condo building next door. In October, the developer’s entity secured $85 million in mezzanine debt from GoldenTree Asset Management for the 22-unit condominium and 56-key hotel, which is expected to be completed in 2027. Those properties — Faena House and Aman Miami Beach — are not included in the refinancing.

Separate from Faena Miami Beach, Alan Faena is branding Edgardo Defortuna and Shahab Karmely’s planned Faena Residences along the Miami River.

A handful of other large refinancings have closed in the last six months.

Vlad Doronin’s OKO and Jonathan Goldstein’s Cain led the pack of deals with a $630 million refinancing of the debt backing their 830 Brickell office tower. Lenders led by Goldman Sachs and J.P. Morgan Chase provided the new loan, which replaced the $565 million construction bridge loan that OKO and Cain scored in 2024 from Tyko Capital.