Greenberg Traurig Advises Penn Florida Companies on $335 Million Financing for Via Mizner
Global law firm Greenberg Traurig, P.A. represented Penn-Florida Companies in connection with a $335 million refinancing package to complete the development of Via Mizner, a luxury mixed-use project in downtown Boca Raton. This transaction is considered one of the largest real estate financings in Palm Beach County so far this year.
WEST PALM BEACH, Fla., Nov. 3, 2021 /PRNewswire-PRWeb/ -- Global law firm Greenberg Traurig, P.A. represented Penn-Florida Companies in connection with a $335 million refinancing package to complete the development of Via Mizner, a luxury mixed-use project in downtown Boca Raton. This transaction is considered one of the largest real estate financings in Palm Beach County so far this year.
The Greenberg Traurig team worked with two new lenders to finalize the financing for the Via Mizner project, which includes residential and retail space, plus a Mandarin Oriental hotel and 18-hole premier Jack Nicklaus Signature Championship golf course that are under construction. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for 101 Via Mizner, the high-rise luxury rental tower, which is fully leased. Romspen Investment Corp. provided a $140 million refinancing loan for the continued construction of the 164-room Mandarin Oriental, Boca Raton, and the Via Mizner Golf & City Club.
The Residences at Mandarin Oriental, Boca Raton offer eighty-six private condominium homes, exclusive resident-only amenities, and an elevated sky bridge connected to the ultra-luxury Mandarin Oriental, Boca Raton. The hotel features extensive private amenities for residents, hotel guests and club members, including a Downtown Athletic Club, The Spa at Mandarin Oriental, two rooftop pools and several innovative dining experiences showcasing Michelin-star rated chefs.
"It has been exciting opportunity to work with Penn-Florida on the Via Mizner development since we helped the developer close on its initial financing six years ago," said Shareholder Marcia H. Langley, who is part of the Real Estate Practice in the firm's West Palm Beach office. "We have drawn on our experience in real estate and corporate financing to help the developer secure the funding needed to bring this significant project to a successful completion as expected late in 2022."
Greenberg Traurig has represented Penn-Florida on the Via Mizner project as it has progressed through various phases of its development. In 2017, Langley and her team represented the developer in structuring $398 million in construction financing of the hotel and golf course, as well as the refinancing of its 101 Via Mizner luxury apartments.
In 2019, the firm advised Penn-Florida on setting up a $215 million construction loan and a $10 million mezzanine financing for the construction of The Residences at the Mandarin Oriental.
"Because of our collaborative culture and the knowledge base of our team, we were able to quickly pull together the loans and the restructuring as we worked with two new lenders to this project, all at a time when the real estate market in Palm Beach County is experiencing tremendous growth," said Shareholder Bruce C. Rosetto, who is part of the Corporate Practice in the West Palm Beach office.
Other members of the Greenberg Traurig deal team included Miami Shareholder Jonathan I. Lessner, Fort Lauderdale Of Counsel Deborah Mintz and Associate Bracha Pollack, and West Palm Beach Shareholder Charles J. Abrams and Associate Jacob L. Gildan.
Founded in 1987, Penn-Florida Companies has established its reputation as an industry-leading owner and developer of unique real estate offerings, including residential, commercial, hospitality, mixed use, retail, and private clubs. The company specializes in one-of-a-kind properties, with a focus on identifying market niches in strategic locations. Penn-Florida is home to some of the most talented and experienced professionals in the industry and is known for a culture of excellence and a commitment to quality, luxury, and service. http://www.pennflorida.com
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has approximately 2300 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 25 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 4.0 Plus Certified. Web: http://www.gtlaw.com
Media Contact
Elaine Walker, Greenberg Traurig, P.A., 305-579-0832, [email protected]
SOURCE Greenberg Traurig, P.A.
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