Via Mizner secures $ 335 million in funding
Penn-Florida Companies has secured $ 335 million in new financing for the Via Mizner mixed-use luxury development in Boca Raton.
New York-based Blackstone Mortgage Trust has provided a $ 195 million senior loan secured by 101 Via Mizner, a 14-story, 336-unit apartment building located at 101 East Camino Real. In a separate $ 140 million mortgage deal, Toronto-based Romspen Investment Corporation has refinanced the Mandarin Oriental Hotel residences at 10 East Boca Raton Road and Via Mizner Golf & Country Club at 6200 Boca Del Mar Drive. The loans were first reported by Commercial Observer.
The fully leased 101 Via Mizner was completed in 2018, while the two 12-story Mandarin Oriental buildings and the golf club are slated for completion next year.
Penn-Florida COO David K. Warne said in a statement that the two loans allow the developer to significantly reduce the capital costs of the three-phase mixed-use project.
Penn-Florida has pre-sold half of the 86 condos at the Mandarin Oriental, which will also have 164 hotel rooms, the statement said. The buildings will be connected by an air bridge and will include a downtown athletics club, the Mandarin Oriental spa and two rooftop pools.
All three buildings are above The Shoppes at Via Mizner, a 60,000 square foot luxury shopping center. Penn-Florida, led by CEO Mark Gensheimer, began construction on the first phase of the 2 million square foot project in 2015.
The golf and country club component will include a golf course designed by golfing legend Jack Nicklaus, a golf village, golf training facilities and programs, resort-style swimming pools, Har-Tru tennis courts and fitness and wellness facilities.
Previously, Penn-Florida had taken out a $ 225 million construction loan for the Mandarin Oriental from Madison Realty Capital in 2019. Two years earlier, the developer had secured $ 400 million in financing from Mack Real Estate Credit. Strategies and the US Immigration Fund, an EB-5 lender.
Boca Raton-based Penn-Florida has a 6 million square foot real estate portfolio in its hometown, Port St. Lucie, and Orlando, according to the company’s website. The developer bought the 1.2-acre Via Mizner site for $ 19 million in 2014.
In 2019, 101 Via Mizner general contractor Moss Construction sued Penn-Florida affiliate Camino Investments Holdings Limited Partnership for non-payment of $ 2 million on a $ 75 million construction contract, according to the reports. Palm Beach Circuit Court records. A year later, Camino Investments counterattacked Moss, alleging that the construction company had failed to perform the work required by the agreement and caused delays in the project, among other breaches of contract.
This week, the cases were closed after Moss and Camino Investments reached an undisclosed settlement, court records show.