Newmark arranged $76.2 million in construction take-out bridge financing for Citron at The Packing District, a 354-unit, Class A multifamily community in Orlando, Florida.
The borrower is EMBREY. The Newmark team conducted a comprehensive marketing process across the bridge lending market, engaging debt funds, balance sheet lenders and CLO-driven capital sources. I read that as a sign lenders were competing for the deal, not the other way around.
The property is located within The Packing District, a $700 million, 202-acre mixed-use redevelopment. Citron offers convenient access to retail, dining and employment centers, including Publix Super Market, the Great Southern Box Company food hall and the nearby College Park and Edgewater Drive neighborhoods.
Here's the part that's easy to miss.
According to Newmark Research, U.S. multifamily demand remained historically strong in the second quarter, with absorption reaching 187,000 units, the strongest quarterly level in a year.