South Florida Dirt: Unraveling the Mandarin Residences Boca Raton mess
After years of delays, lawsuits and other issues, Penn-Florida Companies is now facing foreclosure on the Mandarin Oriental Residences, Boca Raton project. The lender, an affiliate of Apollo Global Management, filed a $417.7 million suit against the developer’s affiliate and a laundry list of co-defendants, including subcontractors and condo buyers. Penn-Florida, led by Mark Gensheimer, first unveiled plans for the Mandarin Oriental-branded mixed-use condo development in 2015. Construction was supposed to begin in 2017, when the developer secured its original construction loan, which was refinanced in 2023 with a $270 million loan. The 1.5-acre site is home to the partially […]This article originally appeared on The Real Deal. Click here to read the full story.
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