Search
 

Penn-Florida Could Have Apartments Seized by Blackstone After $195M Loan Default

This isn't the only problem Penn-Florida faces.

By Anthony Russo | December 05, 2024 at 09:51 AM

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.