Financing allows the borrower to complete a 12-story, 288,000 saleable-square-foot luxury condominium
NEW YORK, July 17, 2019 (GLOBE NEWSWIRE) — Madison Realty Capital has provided a $225 million construction loan on The Residences at Mandarin Oriental, Boca Raton, a planned 12-story, 580,000-square-foot luxury condominium tower in Boca Raton, Florida.
The financing will allow owner/developer Penn-Florida Companies to complete the 12-story, 288,000 saleable-square-foot luxury condominium tower with an additional 22,000 square feet of retail. This will be the third and final tower at the 2 million-square-foot Via Mizner resort, a world-renowned resort destination in the heart of the internationally-recognized Southeast Florida community.
The construction of the condominium tower commenced several months ago along with the new 164-room Mandarin Oriental Hotel, which will give condo owners unparalleled access to the hotel and Via Mizner’s extensive amenity package.
The condominium will join a growing list of nearly 20 current and upcoming The Residences at Mandarin Oriental properties located across the globe—from Bali to Bangkok, Moscow to Munich—while also giving the Boca Raton community a unique product that has been well-received and is achieving significant presale activity driven by international interest.
“The significant presale activity, premier sponsor and limited product of this nature in the Boca Raton market made this financing opportunity particularly attractive,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “This was an opportunity to get involved in a project that is already under development from a planning and construction standpoint. In addition, we are excited to become a part of a growing global network of highly-regarded The Residences at Mandarin Oriental-branded products, which will help to further establish Madison Realty Capital as a lender with capabilities that stretch across the globe.”
The Residences at Mandarin Oriental, Boca Raton will offer a collection of 92 custom homes with breathtaking ocean and golf course views. Condo owners will be given preferred access to the Mandarin Oriental and its plethora of amenities, as well as membership to the Via Mizner Golf & City Club, which is being designed by golf icon Jack Nicklaus.
The Residences will be connected to the Mandarin Oriental Hotel by way of a two-story underground parking garage as well as an upper-level bridge featuring a fitness center, spa and meeting space. In addition to the hotel and condo components, Via Mizner will include a 366-unit luxury apartment building and 60,000 square feet of retail.
Anthony Orso, President of Newmark Capital Market Strategies, arranged the financing along with Bill Weber and Henry Stimler of the same firm.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on real estate debt and equity investment strategies. Founded in 2004, MRC has invested in excess of $10 billion in the multifamily, retail, office, industrial and hotel sectors. The firm 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, fund of funds, family offices, and high net worth individuals. MRC is a fully integrated firm with over 70 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.