Penn-Florida Companies Closes On $335M in Loans for Via Mizner in Boca Raton
CONNECT CRE, by Lisa McDuffie
Penn-Florida Companies has closed on two loans totaling $335 million for Via Mizner, a three-tower urban resort in downtown Boca Raton, FL.
“This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” said David K. Warne, COO of Penn-Florida.
The financing transactions include a new $195 million senior loan from Blackstone Mortgage Trust, Inc. secured by Via Mizner’s luxury apartments, 101 Via Mizner, which is Phase I of the three-phase development.
The second loan, a $140 million senior construction loan provided by Romspen Investment Corporation, closed the refinance of Mandarin Oriental Hotel and Via Mizner Golf & City Club.
Via Mizner is a three-phase, mixed-use project anchored by Mandarin Oriental Hotel and Residences, which is slated for completion in 2022.