Both teams broke the previous tournament record of 12-under 59, set in 1999 by the team of Jeff Sluman and Stuart Appleby.
The two-day, best-ball tournament, organized by Rhode Island natives Faxon and Billy Andrade, is played at the par-71 Rhode Island Country Club.
Faxon made nine birdies during the round, including three on the final three holes. He also eagled the par-five eighth hole with a 50-foot putt.
Herron eagled the eighth hole and the 11th to spur his team to the top. Hart added birdies at the last three holes as the two played the back nine in eight-under 27.
Davis Love III and Jay Haas are just one shot off the pace at 12-under par.
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