Miami Beach's Faena House Gets $300 Million Construction Loan
A project that takes Miami Beach luxury real estate prices to new highs of $3,000 per square foot is setting another record for the largest private residential financing in the Southeast since the recession.
Faena House, an 18-story oceanfront condominium development planned at 3201 Collins Ave., will benefit from a $300 million loan that closed Jan. 7 to the Faena Group and Access Industries from HSBC Bank USA N.A. Both development companies are powerhouses in their fields.
Faena Group, founded by Alan Faena in Buenos Aires, Argentina, develops ultra-luxury real estate projects. It has already changed Miami Beach, driving prices and attracting wealthy international and New York buyers to its planned Faena District. The district will include an arts center, park and the Saxony Hotel, which will be rebranded Faena Saxony Hotel and get a $550 million renovation.
Access Industries is a New York-based multinational industrial conglomerate with corporate offices in London and Moscow. Led by Ukrainian billionaire Len Blavatnik, the company has holdings across multiple industries, including real estate, natural resource, chemicals, media and telecommunications.
Miami-based Akerman represented Access Industries and Faena Group in the transaction as lead Florida counsel along with Willkie Farr & Gallagher in New York.
Akerman's financing effort for the 47-unit project was a collaboration between its land use, transactional and construction teams. Neisen Kasdin, managing shareholder of the firm's Miami office worked with attorneys Steve Wernick, Daniel Faust, Russell Hale, Adam Zwecker, Stacy Bercun Bohm and Leslie Miller Tomczak.
Akerman also represented the developers on their $100 million purchase of the Versailles hotel in Miami Beach from the Chetrit Group.