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Embrey Development Co. Secures $58M Multifamily Refinance In Orlando

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FINANCED
$58,000,000
Kyle Schlitt
James Maynard
Matthew (Matt) Williams
+ 1

Florida

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MultiFamily
Financed 11/13/2023
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Property Image
FINANCED

Embrey Development Co. Secures $58M Multifamily Refinance In Orlando

2501 North Orange Blossom Trail

See Similar Deals
MultiFamily
Financed 11/13/2023
Kyle Schlitt
James Maynard
Matthew (Matt) Williams
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

Embrey Development Company has secured a $58 million refinance from MetLife Investment Management for its mid-rise multifamily property, The Cannery at the Packing District, located at 2501 North Orange Blossom Trail in Orlando. The property comprises 306 units and is situated in the thriving Orlando market. The loan is a floating-rate refinance loan, providing the company with increased operational flexibility for future success.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $58,000,000
  • Date: 11/13/2023
  • Address: 2501 North Orange Blossom Trail
  • Market: Orlando
  • Asset Type: Multifamily
  • Units: 306

The refinance transaction was arranged by Kyle Schlitt of Newmark, who represented Embrey Development Company. James Maynard, Matthew (Matt) Williams, and Robert Wright, also of Newmark, along with Kyle Schlitt, served as brokers for the deal. John McCallion from MetLife Investment Management acted as the lender in the transaction.

Players

Matthew (Matt) Williams
Newmark
Matthew Williams
12 deals$956.3M volume
BROKER
Kyle Schlitt
Newmark
Kyle Schlitt
11 deals$728.7M volume
BROKER
James Maynard
Newmark
James Maynard
10 deals$999.4M volume
BROKER
Robert (Rob) Wright
Newmark
Robert Wright
5 deals$225.2M volume
BROKER
MetLife
MetLife
LENDER

Details

FINANCED
IMAGE: James Maynard, Robert Wright, John McCallion, Matthew Williams, Walter Embrey & Kyle Schlitt DATE: 11/13/2023 ADDRESS: 2501 North Orange Blossom Trail MARKET: Orlando ASSET TYPE: Multifamily ~ UNITS: 306 LENDER: MetLife Investment Management - John McCallion LANDLORD: Embrey Development Company (@The_Embrey_Way) - Walter Embrey (@papago46) BROKERS: James Maynard, Kyle Schlitt (@SchlittKyle), Matthew (Matt) Williams & Robert Wright - Newmark (@Newmark) LOAN AMOUNT: $58,000,000 LOAN TYPE: Refinance LOAN TERMS: floating-rate NOTE: Embrey Development Company has secured a $58 million refinance from MetLife Investment Management for its mid-rise multifamily property, The Cannery at the Packing District, in Orlando. The financial maneuver enhances operational flexibility and positions the property for future success, according to Kyle Schlitt of Newmark, which arranged the transaction.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$58,000,000.00

Monthly NOI$386,666.67
Monthly Debt Service$366,599.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00