11 Jul Penn-Florida Secures $225 Million Construction Loan from Madison Realty Capital for Via Mizner in Boca Raton
Penn-Florida Companies announced the closing on a $225-million-dollar construction loan for EB-5 project, Via Mizner in the heart of Boca Raton. Penn-Florida Companies will use the loan to finish the 2,000,000 square foot mixed use project. The entire Via Mizner project is comprised of three individual buildings, the loan will be used to complete the third and final tower which will include the Residences at the Mandarin Oriental, located at 105 East Camino Real. Penn-Florida Companies construction will commence in less than two years in conjunction with the new 164-key Mandarin Oriental Hotel.
Anthony Orso, Bill Weber and Henry Stimler of Newark Capital Market Strategies organized the $225 million loan according the Penn-Florida press release. The developer previously secured almost $400 million in financing for the initial phases of the project from U.S. Immigration Fundand Mack Real Estate Credit Strategies.
The Residences at Mandarin Oriental, Boca Raton will range from 7,000 to 10,000 square feet and will be fully appointed. Early buyers will have the opportunity to customize the layouts and personally design their homes. The collection of ninety-two homes span over 288,000 square feet and offer ocean and golf course views.
Owners will be granted exclusive membership to ‘The Via Mizner Golf & City Club’ which features a Jack Nicklaus signature course, resort-style pool, Har-Tru tennis courts and indoor and outdoor dining venues. The Club will be located on floors 4 and 5 of the Mandarin Oriental. The residences will be connected to the hotel via a bridge for convenient access.
Via Mizner, described as an “urban tropical resort” is located in the heart of Boca Raton and is centrally located to renowned downtown experiences including boutique shopping, five-star dining, water-front activities and premier nightlife. The sought-after address provides quick access to various Fortune-500 businesses.
U.S. Immigration Fund (USIF) is America’s leading EB-5 Regional Center operator with world-renowned investment opportunities from New York City to California and 6,000 clients from across the globe. With approved Regional Centers located in the world’s most thriving metropolitans, USIF provides worthwhile opportunities for foreign investors and their families to obtain permanent U.S. residency through the EB-5 Program. Each year, the U.S. government allocates 10,000 visas for foreigners who invest through the Program. These initiatives enjoy full government support as they stimulate the economy, generate at least ten jobs per investment, and promote community development while providing access to green cards for foreign investors and their families.