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.