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JULY 11, 2019 | PAUL OWERS Developer Receives Construction Loan for Luxury Condominiums Near Miami Units Will Rise Next to Mandarin Oriental Hotel The three-building Via Mizner development is expected to be complete in 2021. Illustration: Penn-Florida Cos. A developer plans to use a new $225 million construction loan to build the final piece of a $1 billion luxury development located 45 miles north of Miami in Boca Raton, Florida. The Residences at Mandarin Oriental, Boca Raton is scheduled to be complete in about two years, at the same time as a Mandarin Oriental Hotel, according to developer Penn-Florida Cos. Both 12-story projects, along with a 366-unit apartment building, are part of the 2 million-square-foot Via Mizner in downtown Boca Raton. The lender was Madison Realty Capital, a New York-based private equity firm. The 92-unit Residences condominium offers ocean and golf course views. Units range from 1,500 to 9,000 square feet and are priced from $2 million to $19.5 million. Residents will have access to the amenities of the 164-room hotel. Boca Raton-based Penn-Florida has not disclosed the exact number of units under contract. “Pre-sale velocity for The Residences is tremendous as people have come to understand the investment potential as well as the unique lifestyle,” Chief Executive Mark A. Gensheimer said in a statement.
