Penn-Florida Companies could lose its equity in its Boca Raton, Florida apartments after defaulting on a loan. Blackstone's affiliate Parlex 15 Finco LLC has filed a public notice in The Sunshine State to take full ownership of Via Mizner Owner I LLC, which is a unit of Penn-Florida that operates 101 Via Mizner Apartments via a UCC auction, according to a report from the South Florida Business Journal.
The move is related to a 2022 $195 million mortgage origination. While a foreclosure lawsuit isn't in place, a successful UCC auction would give an opportunity to a third party or a lender to hold full equity in the apartment complex.
101 Via Mizner features 366 apartments, which include studios, one, two, and three-bedroom units. The luxury offering comes with amenities including a fitness center, private terraces, washer and dryer units, a club room, a resort pool, a cafe, and special events.
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While national multifamily net absorption hit 153,000 units, the second highest marking on CBRE's record — Southeast operators are feeling the pain with an influx of supply. Major regions including Austin, Jacksonville, and Raleigh saw year-over-year rent declines between 4.7% and 8.1% in the third quarter.
But that's the least of Penn-Florida's problems, as it is dealing with even more legal issues, according to the South Florida Business Journal. This includes president and CEO Mark A. Gensheimer getting hit with a foreclosure lawsuit relating to a development site and multiple buyers at Penn's incomplete Mandarin Oriental Hotel and Residences project have filed lawsuits to get their investments back following long delays of delivering the asset. Both sites are located in Boca Raton.
JLL's Brett Rosenberg is marketing the UCC auction.
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