News August 08, 2023

Penn-Florida scores $300M loan for Mandarin Oriental project in Boca Raton

The Real Deal reported that Penn-Florida Companies has secured a $302.5 million loan from Madison Realty Capital for the Residences at Mandarin Oriental development in Boca Raton. This latest refinancing, for the 86-unit Mandarin Oriental-branded condo portion, replaces the $225 million loan Madison provided in 2019. The condos are about 90 percent presold. When complete, the 164-room hotel, will feature the Via Mizner Golf and City Club, and 60,000 square feet of retail space that will make up the Shoppes at Via Mizner. A Newmark team led by Anthony Orso and Henry Stimler arranged the loan. Madison remains active in the region, the firm recently provided a $340 million loan to Catalfumo Companies for the planned Ritz-Carlton Residences, Palm Beach Gardens. 

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