Penn-Florida Scores $335M Loan Package for Via Mizner Project in Boca Raton
By Julia Echikson October 13, 2021 4:37 pm
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Penn-Florida Companies has landed two loans totaling $335 million for its mixed-use Via Mizner development in Boca Raton, Fla., Commercial Observer has learned.
The seven-acre project, located at 105 East Camino Real, sits along Route 1, just west of Lake Boca Raton. The development includes three towers — each to house a rental, a condominium building and a hotel. In addition, the development will include a golf club four miles inland from the main campus.
Penn-Florida refinanced 101 Via Mizner, the rental complex, with a $195 million loan from Blackstone (BX)’s mortgage lender division, according to Penn-Florida COO David Warne. The 366-unit rental building was completed in 2018. All the apartments, which range from studios to three-bedrooms, are now leased, said Warne.
In 2014, the developer paid $19 million for a 1.2-acre parcel in one section of the development and secured a $75 million construction loan from HSBC for the rental component, property records show.
The Via Mizner development will also include a Mandarin Oriental Hotel and Residences as well as an 18-hole golf course designed by sport legend Jack Nicklaus. The condo building — where over half of the 86 units are sold — and the 164-room hotel are slated for completion in the fourth quarter of 2022, while the golf course will open for play next year as well, according to Warne.
The second loan — a $140 million package from Canada-based Romspen Investment Corporation — will go toward the construction of the Mandarin Hotel, per Warne. (The executive declined to divulge the terms of the two loans.)
These deals come as South Florida’s multifamily properties have soared in value as the region welcomes an influx of new residents. “Palm Beach County is experiencing unprecedented growth today. I’ve lived here for 35 years and never seen anything like it,” Warne said. “It’s benefiting all residential types of properties. We’re just very fortunate to be in Palm Beach County.”
Penn-Florida’s portfolio spans 6 million square feet of office, residential and hotel properties in Boca Raton, Port St. Lucie and Orlando, according to the company. The firm, led by CEO Mark Gensheimer, has another 2 million in the works.
Julia Echikson can be reached at jechikson@commercialobserver.com.
