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Penn-Florida Secures $398M Loan for Via Mizner Development in Boca Raton

Project Features Mandarin Oriental Hotel and Residences
October 6, 2017
Penn-Florida Companies has closed on a $398 million construction loan for Via Mizner, a mixed-use urban resort development in downtown Boca Raton, FL.

New York-based real estate investment bank Lotus Capital Partners arranged the financing on behalf of the borrower, placing the financing package with Mack Real Estate Credit Strategies and U.S. Immigration Fund.

The first component of Via Mizner is a 366-unit apartment building that is now open. The project, located at Camino Real and Federal Highway, will also include 85 luxury condominiums priced from $1.5 million to more than $10 million, street-level shops and restaurants, a 164-room Mandarin Oriental Hotel and a private club inside the hotel.

The project is tentatively scheduled for full build-out in 2020.

"The addition of the Mandarin Oriental Hotel and Residences has elevated the city’s reputation as a global destination," said Mark A. Gensheimer, chairman and CEO of Penn-Florida. "Via Mizner is an urban resort where you can live, shop, stay and play and will offer unrivalled luxury, standards of service, and amenities to its residents, guests and members."

Penn-Florida, founded in 1987, is an owner and developer of real estate. Its commercial portfolio in South Florida includes Glades Centre and Atrium Financial Center, both in Boca Raton.

Paul Owers, South Florida Market Reporter  CoStar Group   
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