The luxury condo was supposed to open in 2017. After nine years of delays, multiple foreclosures across the developer's portfolio, and eight buyer lawsuits demanding deposits back, Penn-Florida now says summer 2026 is the finish line. Will it actually happen?
Key Takeaways
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Penn-Florida's Mandarin Oriental condo at 105 East Camino Real in downtown Boca Raton was announced in 2015 with a 2017 target completion; it is now expected to finish in summer 2026.
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The adjacent 164-key Mandarin Oriental hotel filed for Chapter 11 bankruptcy in December 2025 with a $140 million loan in default since 2023.
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Eight condo buyers have filed lawsuits seeking their deposits back, and Penn-Florida has faced foreclosure actions on nearly every property in its Boca Raton portfolio over the past two years.
Penn-Florida says its Mandarin Oriental condo project in downtown Boca Raton will finally wrap up this summer. The 88-unit luxury building at 105 East Camino Real has been under construction for nearly a decade. The developer, led by Mark Gensheimer, says the building is substantially presold and on track for completion.
But given Penn-Florida's track record over the past few years, that timeline deserves scrutiny. The firm has faced foreclosure suits on multiple properties, restructured debt across its entire Palm Beach County portfolio, and now has the hotel portion of this very project sitting in bankruptcy court.
What happened to Penn-Florida, and why has this project taken so long?
Penn-Florida unveiled the Mandarin Oriental condo and hotel plans in 2015 with a target completion of 2017. The firm was an established office owner in Boca Raton and seemed positioned to deliver. Instead, the project became a case study in what can go wrong.
The company has blamed post-pandemic headwinds, bad timing on loan maturities, elevated interest rates, and rising construction and insurance costs. Penn-Florida says its debts carried low leverage (25% to 50% loan-to-value) and were in good standing when they matured. But three matured loans were purchased by what the firm called "opportunistic" debt buyers who immediately pursued foreclosures.
The financial distress touched nearly every Penn-Florida holding in Boca Raton: two office buildings at 101 and 1 North Federal Highway hit with foreclosure suits (resolved after local investor James Batmasian took over ownership), a vacant assisted living site at 375 East Royal Palm Road (sold for $27 million to settle a $5.7 million foreclosure), and the 366-unit apartment building at 101 Via Mizner (saved from foreclosure auction through a $235 million partnership with Grant Cardone).
Considering buying preconstruction in Boca Raton? Understanding developer track records and financial health matters as much as renderings. Talk to a real estate agent near Boca Raton who follows these projects closely. Reach out to The Mastropieri Group or call +(561) 544-7000
Where do the Mandarin Oriental projects stand now?
The 88-unit condo at 105 East Camino Real is the piece Penn-Florida says is closest to done. The developer claims the building is substantially presold. But eight buyers have filed lawsuits seeking their deposits back, citing years of delays. Penn-Florida argues its purchase agreements made clear that the anticipated completion date was not a guaranteed deadline.
The 164-key hotel at 103 East Camino Real is a different story. The 12-story building is topped off and structurally complete, but it filed for Chapter 11 bankruptcy in December 2025. The senior secured lender, TIG Romspen (a Cayman Islands partnership with offices in Toronto), holds a $140 million loan that defaulted at its 2023 maturity. A restructuring agreement calls for refinancing or sale.
There is also an unsecured claim from Mandarin Oriental itself for $502,600, listed as "disputed." Five contractor lawsuits have been filed in Palm Beach Circuit Court. Penn-Florida says those filings are required by state law to protect lien rights, not evidence of nonpayment.
What does this mean for buyers and nearby property values?
Condo buyers who put deposits down on the Mandarin Oriental years ago are in a difficult position. The building may finally be finished, but the legal disputes over deposits and timelines highlight the risks of buying preconstruction in projects with extended delivery windows. Florida law does not require developers to disclose how long a project took to complete when selling units.
As Larry Mastropieri explained on the Discover South Florida Podcast, the delays have broader implications: "We've been waiting for other big projects that they had proposed in the area. They should have been done with those projects, but they get stuck with this thing, which makes us all not want them to even try to do anything else and just sell the other stuff to guys who can actually execute."
Mastropieri added, "These guys are supposed to be the biggest and baddest and best developers. You expect them to execute. This is their pitch to the investors who invest their equity with them."
What is Penn-Florida planning next?
Despite the ongoing challenges with the Mandarin Oriental projects, Penn-Florida is already planning its next development: University Village, near FAU's Boca Raton campus. The project includes 829 residential units, apartments, for-sale homes, an assisted living facility, a hotel, offices, retail, and trails. It has master plan approval and a pending site plan application.
Whether the market will trust Penn-Florida with another large-scale project is an open question. The firm has resolved most of its foreclosure issues through restructuring, refinancing, or property sales, but the Mandarin Oriental delays have damaged its reputation. If University Village moves forward, it could reshape the western Boca market for student and workforce housing.
For now, buyers and investors watching downtown Boca Raton should keep expectations measured. When the Mandarin Oriental condo and hotel eventually open, they will add a luxury anchor near the Brightline station. Branded residences at this level typically lift comparable sales in surrounding neighborhoods. But "eventually" has been the operative word for nearly a decade.
Frequently Asked Questions about the Mandarin Oriental Boca Raton
When was the Mandarin Oriental condo supposed to be completed?
Penn-Florida announced the project in 2015 with a target completion of 2017. The 88-unit condo at 105 East Camino Real is now expected to finish in summer 2026, nearly nine years after the original target date.
Why is the Mandarin Oriental hotel in bankruptcy?
The 164-key hotel at 103 East Camino Real filed for Chapter 11 in December 2025. The building has a $140 million loan from TIG Romspen that defaulted at its 2023 maturity. A restructuring agreement calls for refinancing or sale. The building is topped off and structurally complete.
Are there lawsuits from condo buyers?
Yes. Eight buyers have filed lawsuits seeking the return of their deposits, citing years of delays. Penn-Florida argues its purchase agreements made clear that the anticipated completion date was not a guaranteed deadline and that construction timelines could be extended.
Are developers required to disclose how long a project took to buyers?
No. Florida law does not require developers to disclose the original timeline or the actual time a project took to complete when selling units. Buyers should conduct their own due diligence on a developer's track record before purchasing preconstruction.
What other Penn-Florida properties faced foreclosure?
Penn-Florida faced foreclosure actions on multiple Boca Raton properties: two office buildings at 101 and 1 North Federal Highway (resolved after James Batmasian took over ownership), a vacant assisted living site at 375 East Royal Palm Road (sold for $27 million), and the 366-unit apartment building at 101 Via Mizner (saved through a $235 million partnership with Grant Cardone).
Local help for buyers and sellers in Boca Raton
If you are buying, selling, or investing in Boca Raton or Delray Beach, understanding developer track records and project timelines matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Palm Beach County, call (561)544-7000.
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