Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida
RE BUSINESS ONLINE, by Julia Sanders
BOCA RATON, FLA. — 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 that will feature a hotel, apartments, golf course and retail space.
Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club.
Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. 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.
“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,” says David Warne, chief operating officer of Penn-Florida.
101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. The high-rise has private terraces, hurricane-impact windows, sliding glass doors and in-unit washers and dryers. Community amenities include a fitness center, cyber café, pool, clubroom, valet parking and bicycle storage.
The Residences at Mandarin Oriental will offer 86 private condominium homes and a sky bridge connected to the 164-room Mandarin Oriental. The hotel amenities will feature The Spa at Mandarin Oriental, two rooftop pools, a conference center, rooftop restaurant and bar, athletic club and several dining experiences.
The mixed-use project will also include the Via Mizner Golf & City Club, an invitation-only private club with two venues. The Golf Club, which is located at 6200 Boca Del Mar Drive, includes an 18-hole course, driving range, fully equipped pro shop, pool, spa, Kids Splash Zone, grill room and bar, family wellness center, tennis courts and a clubhouse.
The City Club, which is located at 103 East Camino Real inside the Mandarin Oriental hotel, has a private members-only entrance, meeting rooms, Kids Club, members-only restaurant with a private dining room, Athletic Club with virtual fitness, personal training and group fitness classes and preferred access to The Spa.
The Shoppes at Via Mizner will also be part of the mixed-use development, bringing 60,000 square feet of shopping and dining options to the development. The construction timeline for The Shoppes at Via Mizner was not disclosed and was not part of the $335 million recapitalization.
“Excellent schools, advanced health care, a vibrant international business community and the perfect year-round climate have contributed to the attention Boca Raton is receiving as one of the most attractive ‘live-work-play’ environments in North America,” says Mark Gensheimer, CEO of Penn-Florida. “Downtown Boca Raton is now on everyone’s radar screen due to the highly anticipated 2022 opening of the new Mandarin Oriental Hotel and Residences at Via Mizner, and we are very proud to be a part of this landmark event.”
Penn-Florida Cos. is a full-service owner and developer based in Boca Raton. The company specializes in developing luxury, mixed-use, residential and commercial projects throughout Florida. The firm has over 200 employees.