Penn-Florida Cos. secured $398 million in financing for its Via Mizner urban resort project in downtown Boca Raton, Fla.

The next phase of construction at the resort includes Mandarin Oriental Boca Raton, Via Mizner Golf & City Club and additional retail suites at The Shoppes at Via Mizner.

Mack Real Estate Credit Strategies as the primary lender provided $318 million of the financing, while the balance was contributed by the US Immigration Fund.

Lotus Capital Partners arranged the financing.