Penn-Florida Companies Closes on $398M Financing for Via Mizner
Published on 10.6.2017
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.
Published on 10.6.2017
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.
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.