The Residences at Mandarin Oriental, Boca Raton
Updated October 29, 2026
The Residences at Mandarin Oriental, Boca Raton, at 105 East Camino Real, is the subject of a $417.7 million foreclosure suit filed in mid-2026 by a lender affiliated with Apollo Global Management. The developer has countersued for more than $500 million. The adjacent hotel, a separate entity, filed Chapter 11 in December 2025 and has never opened. At least 13 buyers have sued over deposits. Completion timing is unresolved. If you hold a contract here, or are considering one, this page explains what is publicly known.
Why I wrote this page
I am a Boca Raton broker. The easy thing would be to publish a glossy page about a Mandarin Oriental address and collect the leads. Several websites do exactly that, describing this project as though it were a normal building coming in 2027.
That is not what is happening here, and anyone with a deposit in this building - or thinking about placing one - deserves a straight account. Everything below is drawn from court filings and trade reporting, with sources at the bottom. I have no financial interest in the outcome of any of this litigation.
What happened, in order
2015 - Penn-Florida Companies unveils plans for the Via Mizner development, including a Mandarin Oriental hotel and residences. The project was originally targeted for completion around 2017.
January 2022 - A buyer contracts for Unit 712 at $4.1 million with an estimated completion of December 2022, placing a $1.23 million deposit. Escrow agent First American later released $820,000 of it to the developer, with the remaining $410,000 held against a surety bond. This contract becomes the subject of litigation in 2026.
June 2024 through August 2025 - The lender alleges interest payments were missed throughout this period.
February 2025 - A completion deadline in the loan documents passes unmet, per the foreclosure complaint.
September 2025 - The loan reaches maturity and is allegedly not repaid.
December 23, 2025 - The adjacent 164-room Mandarin Oriental hotel at 103 East Camino Real, held by a separate Penn-Florida affiliate, files for Chapter 11 bankruptcy in the Southern District of Florida. The hotel is structurally complete and topped off but has never opened. Secured debt is reported around $210 million, with total claims above $234 million.
June 2026 - A bankruptcy auction is held for the hotel.
July 2026 - Via Mizner Lender 1 LLC, affiliated with Apollo Global Management, files a $417.7 million foreclosure suit: roughly $270 million in principal, $24.6 million in advanced project expenses, and the balance in interest and fees. The complaint also alleges the hotel management agreement was terminated.
August 2026 - Penn-Florida affiliates countersue for more than $500 million, alleging the lender manufactured the defaults by halting funding shortly after closing, then seized control of construction and replaced the general contractor. A New York judge halts a UCC auction; a hearing is set for October 1, 2026.
October 9, 2026 - A buyer files suit over the $1.23 million deposit on Unit 712.
As of this writing - I could not find reporting on the outcome of the October 1 hearing. The condominium entity, Via Mizner Owner III LLC, is not part of the hotel's bankruptcy.
The buyer deposit lawsuits
This is the part that matters most to anyone holding a contract.
At least 13 buyers have sued Via Mizner Owner III LLC over missed completion deadlines. Two outcomes have been reported:
- One buyer won a judgment of $1.98 million
- Another settled for $2.1 million
Those are meaningful recoveries, and they suggest buyers with contractual completion deadlines have had real leverage.
Understanding your deposit exposure
In a Florida pre-construction condominium purchase, your deposit is generally split. A portion is held in escrow. A portion may be released to the developer to fund construction, which Florida law permits under defined conditions.
That split is the whole question here.
| Portion of deposit | Typical treatment if a foreclosure proceeds |
|---|---|
| Held in escrow | Generally recoverable, subject to the terms of your purchase agreement and the escrow arrangement |
| Released to fund construction | Considerably harder to recover. You may be an unsecured creditor among many. |
| Secured by a surety bond | Depends entirely on the bond terms and the issuer |
In the Unit 712 case, two thirds of a $1.23 million deposit had already been released to the developer, with the balance held against a surety bond. That is a reasonable illustration of how these arrangements are structured and why the escrowed-versus-released distinction is not a technicality.
If you hold a contract here, the practical steps are:
- Pull your purchase agreement and find the completion deadline and the escrow provisions
- Establish how much of your deposit is still in escrow and how much was released
- Find out whether any portion is bonded and by whom
- Talk to a Florida real estate attorney - not a broker, not a sales agent, an attorney. Several buyers have recovered meaningful sums, and the ones who did had counsel.
I am not an attorney and this is not legal advice. What I can do is tell you honestly where this building stands against the other downtown Boca projects, what is actually available in buildings that are not in litigation, and introduce you to real estate attorneys in Boca who handle exactly this.
Is the building a bad buy?
Not necessarily, and I want to be careful not to overstate this.
Distressed projects get resolved. Lenders take over, a new sponsor steps in, construction finishes, and the building opens - sometimes at a better basis for buyers who came in during the trouble. That happens regularly in South Florida, and a half-built Mandarin Oriental on Camino Real in downtown Boca is a valuable asset that someone will want to finish.
What has changed is the nature of the decision. This is no longer primarily a question about floor plans, finishes and views. It is a question about litigation outcomes, escrow terms and who ends up controlling the project. Those are questions for an attorney and, if you are buying as an investment, an accountant.
Anyone selling you this building as a straightforward pre-construction purchase is either not paying attention or not telling you the whole picture.
What the building is, on paper
| Address | 105 East Camino Real, Boca Raton, FL 33432 |
|---|---|
| Development | Part of Via Mizner, downtown Boca Raton |
| Residences | Reported between 85 and 92 depending on source; no current developer figure published |
| Stories | 12, plus an adjacent hotel tower linked by a sky bridge |
| Adjacent hotel | 163 to 164 rooms; separate entity, in Chapter 11, never opened |
| Pricing | Disputed across sources; a filed 2022 contract price of $4.1 million is the most defensible single data point |
| Approx. price per sq ft | Roughly $1,400 to $2,480 where published prices and sizes can be paired |
| Developer | Penn-Florida Companies |
| Architect | SB Architects, with Nichols Architects |
| Interior design | HBA |
| Golf | Jack Nicklaus course at Via Mizner Golf and City Club |
| Status | Partially complete; completion unresolved and in dispute |
Note how much of that table is hedged. That is not vagueness on my part - the unit count alone appears as 85, 88, 89 and 92 across four different sources, and no current developer figure exists. Where the public record is unclear, I would rather say so.
What I would look at instead, if you want downtown Boca
- Glass House - 28 residences, under construction, Q4 2027, roughly $1,210 per square foot. Small, clean, no litigation.
- Alina Residences - already completed in 2024. No construction risk, no deposit exposure, nothing to wait for. Higher entry price at $6.8 million, and in the current environment that certainty is worth something.
- Mr. C Residences - 133 residences, lower entry at $1.7 million, but still working through city approvals as of late October 2026.
The full comparison is on the Boca Raton pre-construction page.
Frequently asked questions
Is the Mandarin Oriental Boca Raton in foreclosure?
Yes. A lender affiliated with Apollo Global Management filed a foreclosure suit of approximately $417.7 million against a Penn-Florida affiliate in roughly July 2026, alleging missed interest payments from June 2024 through August 2025, failure to repay at the September 2025 maturity, and a missed February 2025 completion deadline. The developer has countersued for more than $500 million.
Is the Mandarin Oriental Boca Raton hotel bankrupt?
The hotel entity is separate from the condominium entity, and it filed Chapter 11 in the Southern District of Florida on December 23, 2025. The 164-room hotel at 103 East Camino Real is structurally complete but has never opened. A bankruptcy auction was held in June 2026. The condominium entity, Via Mizner Owner III LLC, is not part of that bankruptcy.
Can I get my deposit back from Mandarin Oriental Boca Raton?
It depends on your contract and on how much of your deposit remains in escrow versus how much was released to the developer. At least 13 buyers have sued over missed completion deadlines; one won a $1.98 million judgment and another settled for $2.1 million. This is a question for a Florida real estate attorney, not a broker. Review your purchase agreement's completion deadline and escrow provisions first.
When will the Mandarin Oriental Boca Raton be completed?
Unresolved. Published estimates range from "summer 2026" through 2027 to "2030 or later." The project was originally targeted for 2017. An October 2026 lawsuit describes the project as remaining far from complete. No reliable completion date exists at present.
Will it still be a Mandarin Oriental?
Uncertain. The foreclosure complaint alleges that the hotel management agreement was terminated, which puts the brand's future role at the property in question. One source cites a disputed Mandarin Oriental claim in the hotel bankruptcy. The branding should not be assumed.
How many residences are in the Mandarin Oriental Boca Raton?
Sources disagree: 85, 88, 89 and 92 all appear in print across trade press and listing aggregators. The developer has not published a current figure. Trade reporting most commonly cites 85 or 88, across 12 stories.
Should I still buy at the Mandarin Oriental Boca Raton?
That is a question for an attorney before it is a question for a broker. Distressed projects do get resolved, refinanced or sold on and finished, sometimes at an attractive basis. But the decision now turns on litigation outcomes, escrow terms and who ultimately controls the project rather than on floor plans and views. Do not sign anything without Florida real estate counsel reviewing the current status.
Damara Cohn - Founder and Broker, Mangrove Realty, Inc. Licensed Florida real estate broker since 2002, with 25+ years in the industry and over 35 years living in South Florida. Based in Delray Beach, working the Palm Beach County coastal corridor. I have no financial interest in any party to the litigation described on this page. Contact me directly.
Keep reading
- All Boca Raton pre-construction condos
- Glass House Boca Raton
- Florida condo financing rules changed
- New condo vs old condo in South Florida
- Boca Raton Guide: 33432
Important. Everything on this page reflects publicly reported court filings, bankruptcy proceedings and trade journalism as of October 2026. Allegations in litigation are allegations, not findings of fact. All matters described remain in dispute, no outcome is predicted or implied, and the situation may have changed since this page was last updated. Mangrove Realty, Inc. is not a party to any of this litigation, is not the developer, and is not affiliated with Penn-Florida Companies, Mandarin Oriental, Apollo Global Management or any lender or buyer referenced. Nothing on this page is legal, financial or tax advice. Consult a licensed Florida real estate attorney regarding your specific contract and circumstances. Reporting sources include The Real Deal, BocaNewsNow and coverage of the Southern District of Florida bankruptcy proceedings. Last updated October 29, 2026.