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Banking and Finance

MRC funds $225M construction loan for Mandarin Oriental condos

Madison Realty Capital has provided a $225 million construction loan on The Residences at Mandarin Oriental, Boca Raton, a planned 12-story, 580,000 s/f 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 s/f of retail.

This will be the third and final tower at the two million-square-foot Via Mizner resort in the heart of the 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 access to the hotel and Via Mizner’s 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.

“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 ocean and golf course views. 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 s/f of retail.

Anthony Orso, President of Newmark Capital Market Strategies, arranged the financing along with Bill Weber and Henry Stimler.

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