A Glamorous Legacy Inspires an Exciting Future

It takes the perfect blend of colorful history, superb location, iconic architecture and an elite, sophisticated citizenry to create an international destination – a place where every moment is a celebration. This is the essence of Via Mizner, an exclusive, landmark address in the heart of a beloved community, perfectly crafted for world-class lifestyles.

Welcome Home to Bespoke Living at Its Best

As one of a select few locations worldwide with a residential property bearing the Mandarin Oriental name, The Residences is truly a signature address. Upon arriving at the private entrance lobby, the cascading water element and grand staircase only hint at the striking design and details that abound throughout. Incomparable sophistication is imbued into each of the eighty-five, light-filled homes that celebrate the Boca Raton lifestyle with absolute comfort and complete security.

Internationally Recognized for Luxury and Service

For over fifty years, Mandarin Oriental Hotel Group’s reputation for impeccable service, distinctive designs and renowned, holistic spas has been key to its rapid expansion across the globe. Today, the company operates or has under development fourty-seven hotels worldwide, with eight Residences at Mandarin Oriental attached to its properties, and a further six in the planning stages . A dedication to the highest levels of customer satisfaction year after year has garnered Mandarin Oriental Hotel Group a most enviable ranking as a recognized leader in worldwide luxury hospitality.

Boca Property Developers Court Younger Crowd

The Wall Street Journal
Published on 10.11.2017

For years Boca Raton, Fla., was known by most people as the retirement town of Jerry Seinfeld’s parents on the hit television show.

Now developers are appealing to a younger crowd. In recent years they have rolled out rental housing, retail and nightlife targeting people who are more into fine dining than early-bird specials.

Downtown Boca Raton is getting its first new luxury hotel in decades. Penn-Florida Cos., a developer in the state for three decades, has obtained $318 million in debt financing for a 2 million square foot project that includes a 164-key Mandarin Oriental Hotel & Resort.

Penn-Florida secured the financing from Mack Real Estate Credit Strategies, a three year old firm that has become an active so-called nonbank lender. These lenders have been focusing on construction financing and other riskier loans that many traditional banks are reluctant to make.

Penn-Florida’s project, named Via Mizner, includes the planned Mandarin hotel, a recently-completed 366-unit rental apartment building, 88 condominiums and 60,000 square feet of retail. The rental building, which opened last year, is about 50% leased, according to Mark Gensheimer, chief executive of Penn-Florida.

Mr. Gensheimer said that when his company acquired the site for Via Mizner in 2007 he wasn’t considering a rental building. But since then, “The entire country has changed its perspective on renting versus owning,” he said. “People that have the choice of either renting or owning have chose to rent for the lifestyle.”

The U.S. homeownership rate hit 63.7% in the second quarter, the Census Bureau said. That is well below the historical average but up nearly a full percentage point from a year ago, when it touched a 50-year low of 62.9%.

Via Mizner’s website lists studios starting in the $1,639 a month range and three bedroom units that run as much as $6,055 a month.

Demand for hotel rooms in the area has been rising. The occupancy rate in the Boca Raton/West Palm Beach market was 74.9% for the first eight months of the year, up 0.7% compared with the same period last year, according to data firm STR Inc. The average daily rate was $178.23, up 0.8%, the firm said.

But it isn’t as if Morty and Helen Seinfeld would no longer feel at home in Boca Raton. More than 39% of the population was over 55 years old in 2015, roughly the same as 2010, according to the city’s website. The country club lifestyle still appeals to many. Siemens Group is developing a 139-unit condominium named Akoya Boca West in a private club community. About 50% of the units have sold, according to Rob Siemens, a vice president.

The loan from Mack Real Estate provided funds to refinance the Via Mizner rental building, develop the Mandarin hotel and replace a land loan that had been on the parcel where the condominium is going to be built. The interest-only floating rate loan with a term of close to four years is designed to give the developer enough time to stabilize the project and obtain longer-term financing.

Penn-Florida selected Mack partly because principals of the firm have extensive experience in development and understood the different dimensions of the Via Mizner plan. “They treated this as a partnership as opposed to a lender putting a term sheet out and saying: here’s what we can do,” said Faisal Ashraf, chief executive of Lotus Capital Partners, which arranged the financing.

Mack Real Estate was formed by William and Richard Mack, a well-known investment team that was active in such ventures as private-equity firm Apollo Real Estate Advisors, and Peter Sotoloff, who was head of debt originations for Blackstone Group LP. The firm expects to originate close to $4 billion in loans this year, Mr. Sotoloff said.

Banks and other traditional lenders have become more active in making first mortgages on stabilized properties and other less-risky assets. But they have had less of an appetite for construction loans which pay higher interest rates but also are more risky, finance experts say.

Nonbank lenders “are basically saying there are gaps in lending after the financial crisis and we can establish pools of capital that lend in a manner that still make real estate work,” Mr. Ashraf said.

A Legal Disclaimer

 

We are pledged to the letter and spirit of the U.S. Policy for achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising, marketing and sales program which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. The sketches, renderings, pictures, photos, and designs depicted or described herein are conceptual in nature and are not to scale, are based upon preliminary development plans, may depict options, upgrades, features or views not available in all model types and are subject to change without notice in the manner provided in the applicable purchase agreement. No guarantees or representations whatsoever are made that any features, amenities or other facilities will be provided or, if provided, will be of the same type, size, location or nature as depicted or described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature.Nearby golf courses, open spaces and other areas are not owned or operated by the Developer and there is no guarantee they will be operated or maintained for any particular purpose or in any particular manner. Many of the facilities within the project will not be located within the Residences. Certain facilities or services described herein will be provided by the hotel or club operators or others and may be subject to additional charges. Membership in the Club will be mandatory for unit owners and will require payment of additional dues, fees and costs. A substantial number of Club memberships will be available to non-residents. Business establishments may be sold to third parties, may be used for different purposes, and may change or discontinue operation at any time.

An offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the prospectus or in the applicable purchase agreement. Douglas Elliman is the Developer’s exclusive broker for this project. No solicitation, offer or sale of a unit in the Residences will be made in NY, NJ, or in any other jurisdiction in which such activity would be unlawful.Via Mizner Owner III, LLC (“Developer”) is a newly-formed entity, which is the sole offeror of the units being offered for sale as The Residences at Mandarin Oriental, Boca Raton (“Residences”). Penn-Florida Capital Corp. and the other “Penn-Florida Companies” are affiliated with the Developer but are not the developer of the Residences. All statements and any representations herein shall be deemed to have been made solely by Developer. An affiliate of the Developer is developing the adjacent proposed Mandarin Oriental, Boca Raton hotel (“Hotel”) and the rental programs, if any, offered to unit owners in the Residences. Neither Mandarin Oriental Hotel Group nor any of its affiliates, nor their respective Officers, Directors, Agents or Employees (collectively, “MOHG”), are in any way owners, offerors, promoters, issuers or underwriters of, or responsible or liable for, or are making any representations or warranties with respect to, the Developer, construction of the Residences, any offering for sale of the real property constituting the Residences, or any increase or return on related investment. MOHG has not assumed and has no liability or responsibility for any financial statements, projections or other financial information contained in any sales and marketing materials, prospectus or similar written or oral statements relating to the Residences. Developer has the sole right and responsibility for the manner and means by which the Residences are sold, and for all representations in relation to the Residences. Developer has obtained rights to use the “Mandarin Oriental” name and trademarks (“MOHG Marks”) in connection with the Residences and the Hotel subject to the terms and conditions of non-exclusive license agreements which may be terminated at any time upon certain occurrences. The right to use the MOHG Marks in connection with the Residences is thus not guaranteed and no such right is included in the Residence being acquired by any purchaser. If any of the relevant agreements are terminated, or Mandarin Oriental ceases to manage the Hotel or Residences for any reason, use of the MOHG Marks in connection with the Hotel and Residences may be terminated at MOHG’s discretion.

The Residences at Mandarin Oriental, Boca Raton (The Residences) are not developed, sponsored, owned, offered or sold by Mandarin Oriental Hotel Group or any affiliate thereof (MOHG), and MOHG makes no representation, warranty or guaranty of any kind regarding The Residences. The developers and owners of The Residences use the Mandarin Oriental name and trademarks subject to the terms of revocable licenses from MOHG which may expire or be terminated.

New York Residents: This advertisement is not an offering. It is a solicitation of interest in the advertised property. No offering of the advertised units to New York residents can be made and no deposits can be accepted, or reservations, binding or non-binding, can be made until a CPS-12 Application is filed with the New York State Department of Law. This advertisement is made pursuant to Cooperative Policy Statement No. 1, issued by the New York State Department of Law. File No. CP16-0074. Tower 105 Residences, A Condominium | 105 East Camino Real Boca Raton, Florida 33432. Tower 105 Residences, A Condominium is being marketed as The Residences at Mandarin Oriental, Boca Raton. Via Mizner Owner III, LLC | 1515 North Federal Highway Suite 306 Boca Raton, Florida 33432.

Photographs and artwork are lifestyle photographs and conceptual artist renderings.