Real estate developer Penn-Florida Companies has secured $398m in project financing for its five-star urban resort, Via Mizner, located in Downtown Boca Raton in Florida, US.
The loan, which was primarily offered by New York-based Mack Real Estate Credit Strategies, was arranged and advised on by New York-based real estate investment bank Lotus Capital Partners.
Out of total loan package, $318m was offered by Mack Real Estate Credit Strategies while the balance of the financing around $80m, was provided by the US Immigration Fund (USIF).
Via Mizner's next phase of construction comprises Mandarin Oriental, Boca Raton, additional retail suites at The Shoppes at Via Mizner and Via Mizner Golf & City Club.
The 164-room hotel will house two rooftop resort-style pools, holistic spa services, an athletic club, and dining venues.
Construction of Mandarin Oriental, Boca Raton is set to commence while completion is scheduled for early 2020.
The Residences at Mandarin Oriental, Boca Raton, will feature a collection of 85 homes, all providing ocean and golf course views.
Mack Real Estate Credit Strategies managing partner and CIO Peter Sotoloff said: “Mack is committed to its strategy of providing financing for best in class sponsors and projects. After meeting the developer and analyzing Via Mizner, it was clear that the project was an excellent fit for us.”
Penn-Florida Companies chairman and CEO Mark Gensheimer said: “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.”