Penn-Florida scores $225M construction loan for Mandarin Oriental condos in Boca

Penn-Florida scores $225M construction loan for Mandarin Oriental condos in Boca

EB-5 Visa, EB5 Visa, EB5 Investments

Madison Realty Capital CEO Josh Zegen, Penn-Florida Companies CEO Mark Gensheimer, and the Mandarin Oriental in Boca Raton

The loan is in addition to nearly $400M in financing the developer secured in 2017

Penn-Florida Companies secured a $225 million construction loan for The Residences at Mandarin Oriental in Boca Raton from Madison Realty Capital.

Penn-Florida Companies will use the loan to finish building the 12-story, 92-unit luxury condo development. The condo building, at 105 East Camino Real, will be the third and final tower at Via Mizner, a 2 million square foot mixed-use project in the center of Boca Raton.

The loan is in addition to nearly $400 million in financing the developer secured in 2017 for Via Mizner from Mack Real Estate Credit Strategies and the U.S. Immigration Fund, an EB-5 lender.

Construction of The Residences is already underway and is scheduled to be completed in less than two years along with the new 164-key Mandarin Oriental hotel.

Douglas Ellliman is handling sales and marketing of the condo units, which start at $2 million.

In addition to the hotel and condos, Via Mizner will also include a 366-unit luxury apartment building and 60,000 square feet of retail.

The condo component will connect to the hotel via a two-story underground parking garage and a bridge on the fourth and fifth levels with a spa, gym, fitness center and meeting space. Condo owners will also receive membership to the Via Mizner Golf & City Club, which golf champion Jack Nicklaus is designing.

Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the $225 million construction loan, according to a release.

Madison Realty Capital is increasing its presence in South Florida. In June, the company provided Menin Development a $72 million loan to finance construction of The Ray, a 141-room hotel planned in downtown Delray Beach. The New York-based lender has completed more than $10 billion in debt and equity transactions since it was founded in 2004.


https://therealdeal.com/miami/2019/07/10/penn-florida-scores-225m-construction-loan-for-mandarin-oriental-condos-in-boca/

Mentions

States

  • Florida


Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.