Penn-Florida receives $335m financing for Boca Raton–based mixed-use development
INSTITUTIONAL REAL ESTATE, by Andrea Zander
Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton, Fla., that will feature a hotel, apartments, golf course and commercial space.
Via Mizner is a three-phase, three-building project. The first phase comprises 101 Via Mizner, which is fully rented. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022.
101 Via Mizner is a tower that has 366 studio, one-, two- and three-bedroom apartments. The skyscraper has private decks, hurricane impact windows, sliding glass doors, and washers and dryers. Community amenities include a fitness center, cyber café, swimming pool, clubroom, valet parking and bike storage.