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Penn-Florida Companies could lose its equity in its Boca Raton, Florida apartments after defaulting on a loan. Blackstone's affiliate Parlex 15 Finco LLC has filed a public notice in The Sunshine State to take full ownership of Via Mizner Owner I LLC, which is a unit of Penn-Florida that operates 101 Via Mizner Apartments via a UCC auction, according to a report from the South Florida Business Journal.

The move is related to a 2022 $195 million mortgage origination. While a foreclosure lawsuit isn't in place, a successful UCC auction would give an opportunity to a third party or a lender to hold full equity in the apartment complex.