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Florida & Gulf Coast  + Central Florida  + Apartments  |  July 14, 2021
David Cohen
By: David Cohen

CBRE Secures $39M Refinancing for Metro Orlando MF Property

CBRE has arranged a $39 million loan to refinance Integra 289 Exchange, a 289-unit multifamily property in the Metro Orlando community of DeBary, FL.

The property consists of one-, two-, and three-bedroom apartments. It features a number of upscale amenities, including a clubhouse, saltwater pool, fitness center and pet park. Interior finishes on apartments include granite countertops, standalone islands and breakfast bars as well as a full appliance package, including microwaves and washer/dryer in each unit.

Ann Cone and David Borge of CBRE completed the $39 million interest rate reduction financing with HUD on behalf of the borrower, Integra Land Co. Construction financing for Integra 289 Exchange was closed in 2018 with a HUD D4 loan and the construction was completed in 2020. With the interest rate reduction financing, Integra Land Company went from a 4.80% loan to 3.80% and will save over $285,000 in annual debt service savings.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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