Penn-Florida Companies announces $225 million construction loan from Madison Realty Capital for final phase of Via Mizner and The Residences at Mandarin Oriental, Boca Raton
BOCA RATON, Fla., July 10, 2019 /PRNewswire/ -- Penn-Florida Companies, a high profile owner and developer of luxury real estate for over 32 years, announced a $225-million-dollar construction loan for The Residences at Mandarin Oriental, Boca Raton. The closing completes the capitalization for Via Mizner, making the urban mixed use project one of the most anticipated in the United States.
The construction loan, originated by Madison Realty Capital (MRC) will be utilized to complete The Residences at Mandarin Oriental, Boca Raton, the third and final tower at Via Mizner, a 2,000,000 square foot urban resort. Construction of The Residences commenced several months ago and is scheduled to be completed in less than two years simultaneously with the new Mandarin Oriental Hotel.
"MRC is excited to have been selected as the construction lender for such a dynamic project. Penn-Florida's vision for Via Mizner, and the Company's proven track record, aligns perfectly with our investment principals and culture," said Josh Zegen, Managing Principal and Co-Founder of MRC. "A construction loan for a project of this scope and size required creativity to accommodate not only The Residences but the extensive amenity package."
The financing was placed by Anthony Orso, President, of Newmark Capital Market Strategies, who specializes in large, complex project capitalization, with the assistance Bill Weber and Henry Stimler. "I was introduced to the project and knew instantly this would be among the finest hotels and branded residential offerings in the country, and Penn-Florida and Madison would be excellent strategic partners," said Orso.
Boca Raton is recognized globally as a destination for the affluent, given its tropical lifestyle and burgeoning business community. "Downtown Boca has come to life with the addition of Via Mizner," said Mark A. Gensheimer, President and Chief Executive Officer of Penn-Florida. "Mandarin Oriental is in a class by itself when it comes to catering to the needs of its residents and guests. Pre-sale velocity for The Residences is tremendous as people have come to understand the investment potential as well as the unique lifestyle which includes a world class private Golf and City Club, Mandarin Oriental luxury and services, and a dynamic shopping and dining experience, all at your fingertips."
The Residences at Mandarin Oriental, Boca Raton will offer a collection of ninety-two custom homes consisting of 288,000 square feet, 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. www.moresidencesbocaraton.com
About Via Mizner
Built on a vision to make Boca Raton one of the most recognizable urban tropical resorts, Via Mizner will 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. www.vmboca.com
About Penn-Florida Companies
Founded in 1987, Penn-Florida Companies has established its reputation as an industry leading owner and developer of unique real estate offerings, including residential, commercial, hospitality, mixed use, retail, and private clubs. The Company specializes in one-of-a-kind properties, with a focus on identifying market niches in strategic locations. Penn-Florida is home to some of the most talented and experienced professionals in the industry and is known for a culture of excellence and a commitment to quality, luxury and service. www.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 33 hotels and six residences in 23 countries and territories, with each property reflecting the Group's oriental heritage and unique sense of place. Mandarin Oriental has a strong pipeline of hotels and residences under development, and is a member of the Jardine Matheson Group. www.mandarinoriental.com
About Madison Realty Capital
MRC, a New York based private equity firm was founded in 2004 and manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations and high net worth individuals. MRC debt investment opportunities seek to capitalize on market conditions in which liquidity is limited and financing is difficult, as well as time-constrained opportunities and special situations with non-traditional or complex underlying dynamics. www.madisonrealtycapital.com
About Newmark Knight Frank
Newmark Knight Frank (NKF) is a commercial real estate brokerage and advisory firm founded in 1929. NKF's 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents. www.ngkf.com
SOURCE Penn-Florida Companies
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