Penn-Florida has secured $ 335 million in funding for separate portions of its three-phase mixed-use development in Boca Raton, Florida.
The financing took the form of two loans, a $ 195 million senior loan provided by Blackstone Mortgage Trust Inc. for the luxury community portion of the Via Mizner development and a $ 140 million refinancing loan provided by Romspen Investment Corp . for the Mandarin Oriental Hotel and Via Mizner. Golf & City Club.
Blackstone’s loan will go to 101 Via Mizner, the high-rise community that was the first phase of mixed-use development. The community offers 366 units in studio, one, two and three bedroom floor plans ranging in size from 628 to 2,150 square feet. The units were built with private decks, hurricane-proof windows, built-in washers and dryers, keyless entry, and smart home technology.
Community amenities include a club room, internet cafe, swimming pool, patio, lounge, fitness center, car wash, laundry services, bicycle storage, and valet parking. According to Penn-Florida, 101 Via Mizner is now fully leased with a waiting list for future occupancy.
The Romspen loan will be used to refinance the Mandarin Oriental hotel which construction began in 2020. The hotel also includes The Residences at Mandarin Oriental which comprises 86 private condominiums in one to six bedroom residences. Residents have access to exclusive amenities in the luxury tower as well as 164-key hotel amenities through an airlift connection between the hotel and the condo sections.
The Romspen loan also refinances the Mizner Golf & City Club, a private club that offers a members-only restaurant and social lounge located inside the hotel and access to an off-site golf course three miles away. West.
David Warne, COO of Penn-Florida, said in prepared remarks that the loans allow the company to significantly reduce the cost of capital of the project, with the first phase of the project reaching 100% occupancy and the hotel portion nearing completion. .
FINAL STAGES FOR VIA MIZNER
The two loans for Penn-Florida mark the developer’s final stages in completing the three-phase Via Mizner mixed-use project.
Mark Gensheimer, CEO of Penn-Florida, said in prepared remarks that the project will bring more attention to the downtown Boca Raton market which offers an attractive environment for live work and play.
With 101 Via Mizner fully leased and the first phase of Via Mizner completed, Penn-Florida is currently working on the second phase, which focuses around the Mandarin Oriental hotel, and the third phase which focuses on the Mandarin Oriental residences. The third and final phase of the Via Mizner project received a $ 225 million construction loan in July 2019. The second and third phases are expected to be completed by the end of 2022.