Bilzin Sumberg Baena Price & Axelrod LLP announces it has closed a $76 million refinance loan for the 11 11 Lincoln Road project. Situated on the corner of Alton and Lincoln Roads, 11 11 creates a unique shopping and cultural experience offering approximately 40,000 square feet of retail and restaurant space, in addition to residential, office, and parking to Lincoln Road patrons. HSBC Bank USA and PNC Bank acted as co-arrangers of the loan, with HSBC serving as administrative agent for the loan. This financing is one of the largest conventional loans in Miami since the credit freeze took hold in 2008.
The Bilzin Sumberg team, led by partner Adam Lustig, represented Robert Wennett, principal of MBeach1, LLLP in the closing of the loan. 1111's retail space is fully leased with such tenants as Rosa Mexicano, Taschen Books, Y-3, Mac Cosmetics, Nespresso, Shake Shack, and Juicy Couture. Wennett engaged the Pritzker-Prize winning architects Herzog & de Meuron to design 11 11 Lincoln Road. Among the firm's most widely recognized projects are the transformation of a power plant into Tate Modern in London, the de Young Museum in San Francisco, and more recently the National Olympic Stadium in Beijing.
The architect of record is Miami-based Charles Benson & Associates. While traditional bank financing has been nearly obsolete for the past two years, banks are beginning to make loans again. By and large, though, most of the significant loans being made are on unique, trophy assets in A locations, such as 11 11 Lincoln Road, and owned by sponsors with long track record of success, said Adam Lustig, partner of Bilzin Sumberg and attorney for the developer.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a full-service commercial law firm, with extensive experience in the areas of corporate and securities, distressed assets, environmental, government relations, international, land use and zoning, litigation, real estate, restructuring and bankruptcy, technology and telecommunications, tax and wealth preservation. For more information, please visit our website at www.bilzin.com.