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Lotus Capital puts together $318M capital stack for Boca Raton project

New York-based Lotus Capital Partners, an independent real estate investment banking firm, arranged a $318 million capital stack to finance the construction and recapitalization of Via Mizner, a two million-square-foot mixed-use project in downtown Boca Raton.

Once complete, Via Mizner will feature an already-built and rapidly stabilizing 366-unit rental apartment building, 88 luxury condominiums, 60,000 s/f of luxury retail, and a 164-key Mandarin Oriental Hotel & Resort.

Lotus advised the sponsor, Penn-Florida Companies, on strategy and loan structure, and engineered a financing package led by Mack Real Estate Credit Strategies.

The deal includes the refinancing of a development loan on the apartment building, a new construction loan for the hotel, and a bridge loan for the adjacent land, which will be the site of the condominiums.

Faisal Ashraf, founder and chief executive of Lotus Capital Partners, led a team that included Arvind Pai, Jesse Blieberg and Spencer Correnti.

“Our focus is on custom tailored financing solutions that support our clients’ deal requirements,” said Ashraf.

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