MIAMI—Akerman arranged a $300 million construction loan for Faena Group for the Saxony Hotel and Faena House in Miami Beach. The deal is the largest single project financing in South Florida since the recession.

The Saxony property and Faena House are two strategic pieces in the development of Faena District, an enclave of high design, culture, and hospitality in the heart of Miami Beach. Faena was founded by Argentinian real estate visionary Alan Faena, and Access Industries, led by investor Len Blavatnik. HSBC offered the loan. Akerman served as lead Florida counsel on the transaction, working alongside Willkie Farr in New York.

Akerman encountered a unique set of challenges and circumstances throughout the course of the deal. For example, the transaction closed while the project was in mid-construction, which added complexity as the Akerman lawyers had to oversee, inter alia, a stoppage of the construction work in order to ensure mortgage lien priority, the payment in full of all contractors and sub-contractors, and the restructuring of existing construction contracts to conform to the terms of the new loan.