MIAMI—BankUnited refinanced $145 million worth of loans for CED Companies, a Maitland, FL-based developer of affordable multifamily developer and its affiliate, property management firm Concord Management Limited. The multifamily properties are located in Orlando, Oviedo, Kissimmee, Sanford, and Daytona Beach.
BankUnited’s Patrick Fitzgerald, vice president of commercial real estate in Orlando, worked with CED Companies CEO Alan Ginsburg and executive vice president Brian Spear to provide refinancing for 10 multifamily rental properties comprising more than 3,000 units. The Maitland headquarters of Concord Management Limited was also part of the deal. Many of the loans qualify for CRA credit based on the income- and rent-restricted nature of the properties.
“Signifying BankUnited’s ongoing commitment to ensuring real estate companies have access to credit, our lending team worked diligently to put together a substantial refinancing package for CED Companies and its affiliate Concord Management,” commented Nic Bustle, senior executive vice president, corporate lending. “As a prominent and successful developer of multifamily and affordable housing, CED and its executives are paving the way for strengthening real estate development throughout Central Florida.”
David O. Deutsch, partner with Miami-based Pinnacle Housing Group, the nation’s seventh largest affordable housing developer, took interest in the deal. Deutsch told GlobeSt.com that well-located, well-managed affordable housing communities continue to attract capital for both refinancing and new construction.
“Affordable communities are in particularly high demand throughout South and Central Florida and even other parts of Florida,” Deutsch says. “Developers simply cannot keep up with the demand for affordable housing in Florida and this refinancing demonstrates the strong metrics of the industry.”