Penn-Florida Receives $398 Million In Project Financing For Boca Resort

Oct 08, 2017 No Comments by

Penn-Florida Cos. has received $398 million in project financing for the second phase of Via Mizner, a five-star resort in downtown Boca Raton.

Lotus Capital Partners arranged the majority of the financing, which Mack Real Estate Credit Strategies provided. The U.S. Immigration Fund provided the balance of the financing, which was approximately $80 million.

Via Mizner’s second phase of construction includes the Mandarin Oriental Boca Raton, additional retail suites at The Shoppes at Via Mizner and Via Mizner Golf & City Club. The 164-room luxury hotel will feature two rooftop pools, spa services, an athletic club and dining venues.

The Shoppes at Via Mizner will offer a mix of brand names, artisan boutiques, dining and nightlife. Via Mizner Golf & City Club will include two venues — a golf club featuring a new Jack Nicklaus Signature Championship golf course and a downtown city club, which will offer member access to the hotel amenities. Completion is slated for early 2020.

The Residences at Mandarin Oriental Boca Raton will feature 85 homes with ocean and golf course views. Owners will receive access to all the amenities of Mandarin Oriental.

The first residential rental tower, 101 Via Mizner Luxury Apartments, is already complete.

Penn-Florida Cos. is a real estate owner and full-service developer based in Boca Raton.

New York-based Mack Real Estate Credit Strategies is the lending arm of Mack Real Estate Group. New York-based Lotus is an independent real estate investment banking firm that has closed more than $40 billion in structured real estate transactions.

 

Source:  RE Business

 

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