Penn-Florida Companies Closes on $398M Financing for Via Mizner
Construction of Mandarin Oriental, Boca Raton to Commence
BOCA RATON, Fla. -- Penn-Florida Companies, an owner and full-service developer of luxury real estate for more than 30 years, has closed on $398 million in project financing for Via Mizner, its five-star urban resort in Downtown Boca Raton. The lead financial lender is New York-based Mack Real Estate Credit Strategies. The Mack financing was arranged and advised on by New York-based real estate investment bank Lotus Capital Partners.
"Mack is committed to its strategy of providing financing for best in class sponsors and projects," said Peter Sotoloff, Managing Partner and CIO of Mack Real Estate Credit Strategies. "After meeting the developer and analyzing Via Mizner, it was clear that the project was an excellent fit for us." Faisal Ashraf, Lotus's CEO Managing Partner added, "This project drew tremendous interest from global capital sources but in Mack we identified a lending partner that was able to work with us in designing a financing structure that accommodated Penn-Florida's scale and unique vision for this project."
Mack Real Estate Credit Strategies, the primary lender, provided $318 million. The balance of the financing, approximately $80 million, was provided by the US Immigration Fund (USIF), one of America's leading EB-5 regional center operators.
"Boca Raton is an internationally-recognized community, and now the Downtown has emerged as an exciting place to live. The addition of the Mandarin Oriental Hotel and Residences has elevated the City's reputation as a global destination," said Mark A. Gensheimer, Chairman and Chief Executive Officer of Penn-Florida Companies. "Via Mizner is an urban resort where you can live, shop, stay and play and will offer unrivalled luxury, standards of service, and amenities to its residents, guests and members."
Via Mizner's next phase of construction includes Mandarin Oriental, Boca Raton, additional retail suites at The Shoppes at Via Mizner and Via Mizner Golf & City Club. The 164-room luxury hotel will feature two rooftop resort-style pools, holistic spa services, a state-of-the-art athletic club, and superb dining venues found only in select locations around the world. The Shoppes at Via Mizner will offer an exclusive mix of elite brand names, quality design labels, artisan boutiques, and sophisticated dining and nightlife. Via Mizner Golf & City Club, a dynamic private club with two distinct venues, a Golf Club featuring a new Jack Nicklaus Signature Championship golf course and a Downtown City Club, will offer its members access to the hotel amenities. Completion is scheduled for early 2020.
The Residences at Mandarin Oriental, Boca Raton, will offer an intimate collection of eighty-five homes, all framed by breathtaking ocean and golf course views. With preferred access to all the outstanding amenities of Mandarin Oriental, owners will experience the utmost privacy and enjoy the five-star benefits of this resort without leaving the comfort of home. moresidencesbocaraton.com
For those looking to "rent" the exceptional lifestyle found only at Via Mizner, Penn-Florida has already delivered the first residential tower, 101 Via Mizner Luxury Apartments. 101viamiznerbocaraton.com
About Via Mizner
Built on a vision to make Boca Raton the best of the best in every way imaginable, Via Mizner now claims its place among the world's most iconic downtown experiences. Beyond its enviable downtown location and contemporary Mediterranean styling, Via Mizner offers a way of life never before available in Boca Raton. With elite residences, an award-winning hospitality partner, boutique shopping, fine dining and a world-class private club, Via Mizner is a fresh take on what it means to live the South Florida luxury. vmboca.com
About Penn-Florida Companies
Founded in 1987, Penn-Florida Companies is a respected owner and full-service developer of high-profile real estate. The Company specializes in creating luxury, one-of-a-kind residential, commercial projects. By limiting its portfolio to unique properties in select locations, and upholding its long-standing commitment to delivering exceptional experiences and lifestyles, Penn-Florida has distinguished itself as a market leader for luxury and quality. pennflorida.com
About Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most luxurious hotels, resorts and residences. Having grown from its Asian roots into a global brand, the Group now operates 31 hotels and eight residences in 21 countries and territories, with each property reflecting the Group's oriental heritage and unique sense of place. mandarinoriental.com
About Mack Real Estate Credit Strategies
Mack Real Estate Credit Strategies, L.P., the Mack real estate credit business, was established to be a one-stop shop for borrowers with transitional assets, in particular to provide capital for deals that traditional banks are less likely to finance due to increased regulation, or complexity and execution risk that are better suited to an integrated real estate firm. MRECS focuses on properties in need of flexible capital and sponsors seeking an experienced, sophisticated real estate lending partner.
About Lotus Capital Partners
Lotus Capital Partners ("Lotus") is an independent real estate investment banking firm focused on delivering complex real estate finance solutions that are custom-tailored to meet sponsor needs. Led by Faisal Ashraf, Lotus's founder and chief executive officer, Lotus's team is comprised of veterans of the world's top lending institutions who have closed, in aggregate, more than $40 billion in structured real estate transactions. Lotus' wealth of debt capital markets experience in addition to its strong and tested relationships with over 300 domestic and international capital sources uniquely position it to create innovative debt structures on the most attractive terms while maximizing execution certainty.