MetLife Refis Orlando Apartments With $58M Loan
By Andrew Coen November 13, 2023 11:08 am
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Embrey Development Company has sealed a $58 million refinance for a mid-rise multifamily asset in Orlando, Commercial Observer can first report.
MetLife Investment Management supplied the floating-rate loan on Embrey Development’s The Cannery at the Packing District development.
Newmark (NMRK) arranged the transaction with a team led by Matthew Williams, Kyle Schlitt, James Maynard and Robert Wright.
“By navigating the intricate landscape of today’s market, we were able to originate an aggressively priced floating-rate loan,” Schlitt said in a statement. “This financial maneuver enhances Embrey Development Company’s operational flexibility and positions them to effectively seize opportunities, capitalizing on the property’s future success.”
Located at 2501 North Orange Blossom Trail in Orlando, the four-story apartment complex features 306 units ranging from studios to three-bedrooms. The property’s amenities include a swimming pool, a 5,000-square-foot rooftop deck, a fitness center with a yoga room, a billiards studio, a fenced dog park and a business center.
Officials Embrey Development did not immediately return a request for comment. MetLife declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
