Orlando, FL – November 4, 2013 – CBRE’s Debt & Equity Finance Group has secured $25 million in construction financing on behalf of Emerson International, based in Altamonte Springs, for Sanctuary at Eagle Creek Apartments, a 268-unit, Class A multi-housing development near Orlando Airport. American Momentum Bank originated the interest-only construction loan at an aggressive rate.
“The demand for housing in this area has increased exponentially as the medical city continues to expand. The Sanctuary at Eagle Creek is an excellent example of the long-term sustainable growth the Lake Nona area is experiencing in response to the region’s economic prosperity,” said CBRE Senior Vice President Donald Jennewein.
Sanctuary at Eagle Creek will be situated on a 12-acre site on the east side of Narcoossee Road and ¼ mile south of Eagle Creek Center Boulevard in the heart of medical city in Lake Nona.
Lake Nona’s medical city is emerging not only as Orlando’s fastest-growing, most innovative master-planned community encompassing 7,000 acres, but also as a “Project of Promise” featuring Nemours Children’s Hospital, M.D. Anderson Orlando’s Cancer Research Institute, Orlando VA Medical Center, University of Central Florida’s new College of Medicine and Health Sciences campus, Burnham Institute for Medical Research’s east coast campus, and a University of Florida research facility dotting the Lake Nona Gateway Interchange in the 600-acre Science & Technology Park.
Donald Jennewein, Senior Vice President, and Nathan Lynch, Assistant Vice President, both part of CBRE’s Debt and Equity Capital Markets Group, negotiated the transaction on behalf of the owner.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.