Developer Receives Construction Loan for Luxury Condominiums Near Miami
Published on 07.11.2019
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.
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-nine, light-filled homes that celebrate the Boca Raton lifestyle with absolute comfort and complete security.
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 thirty-two hotels and seven Residences at Mandarin Oriental in 23 countries and territories. 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.
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Units Will Rise Next to Mandarin Oriental Hotel
The three-building Via Mizner development is expected to be complete in 2021.
A developer plans to use a new $225 million construction loan to build the final piece of a $1 billion luxury development located 45 miles north of Miami in Boca Raton, Florida.
The Residences at Mandarin Oriental, Boca Raton is scheduled to be complete in about two years, at the same time as a Mandarin Oriental Hotel, according to developer Penn-Florida Cos. Both 12-story projects, along with a 366-unit apartment building, are part of the 2 million-square-foot Via Mizner in downtown Boca Raton.
The lender was Madison Realty Capital, a New York-based private equity firm.
The 92-unit Residences condominium offers ocean and golf course views. Units range from 1,500 to 9,000 square feet and are priced from $2 million to $19.5 million. Residents will have access to the amenities of the 164-room hotel.
Boca Raton-based Penn-Florida has not disclosed the exact number of units under contract.
“Pre-sale velocity for The Residences is tremendous as people have come to understand the investment potential as well as the unique lifestyle,” Chief Executive Mark A. Gensheimer said in a statement.
The Residences at Mandarin Oriental, Boca Raton will have water and golf course views.
Some real estate analysts have questioned whether Boca Raton can attract luxury buyers for a development that isn’t on the water, especially at a time when condo prices are leveling off and softening.
But Via Mizner is near the Boca Raton Resort & Club, which sold for a South Florida record price of $875 million in June to the founder of the Dell computer company.
And while the housing market is near its peak, any slowdown almost certainly will be minor compared to the historic collapse more than a decade ago, said Ken Johnson, an economist and real estate professor at Florida Atlantic University.
Johnson cited statistics from Indiana University’s Stats America that show Boca Raton’s population increasing by 15% over the next decade, boosting the demand for housing. He also pointed out that the housing market will have time to normalize by the time the Residences condo opens in 2021.
“Whatever is going to happen will have happened and been corrected,” Johnson said in an interview. “I don’t see any problems attracting the high-end purchasers to Boca Raton.”
For the Record: Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower. SB Architects and Nichols Brosch Wurst Wolfe are designing Via Mizner. Straticon is the general contractor on the project.
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. Penn-Florida Realty Corporation 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.
Photographs and artwork are lifestyle photographs and conceptual artist renderings.