Six Months, One Crisis: How Via Mizner’s Meltdown Ended in a Bankruptcy and Total Loss

It's been 6 months since Blackstone filed foreclosure on Penn-Florida's Via Mizner apartments in Boca Raton. This week, Grant Cardone's $230M stalking horse bid may finally resolve the crisis.

The Timeline:

• December 2024: Blackstone files UCC foreclosure notice

• January 2025: Penn-Florida files emergency bankruptcy hours before auction

• June 2025: Cardone's bid moves forward at bankruptcy auction

What 6 Months of Crisis Cost:

•  Loss of sponsor control and equity

•  Legal fees, court costs, and uncertainty

•  Operational disruption and tenant concessions

•  Fire-sale pricing vs. strategic exit. Penn Florida thought the asset was worth $272.5MM when they filed BK.

Six months of legal battles, uncertainty, and value destruction, all avoidable with proper governance structures in place. In volatile markets, independent directors are insurance against exactly this scenario.

Source: TheRealDeal