Penn-Florida Scores $335M Loan Package for Via Mizner Project in Boca Raton


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’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.

Related Posts
Skip to content