Newmark Arranges $76.2M Bridge Financing for EMBREY's Citron Apartments in Orlando

Newmark has 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 firm announced Oct. 12. The borrower is EMBREY.

Newmark Vice Chairman Matthew Williams and Vice President Rob Wright secured the financing on behalf of EMBREY. They were supported by Managing Directors Kyle Schlitt and James Maynard and Associate David Williams.

Newmark Runs Competitive Bridge Lending Process

The Newmark team conducted a marketing process across the bridge lending market, engaging debt funds, balance sheet lenders and CLO-driven capital sources. The process generated multiple competitive proposals with varying leverage and terms.

"We were able to leverage the breadth of our capital relationships to create a competitive process and give EMBREY meaningful flexibility in selecting the right financing solution for the asset and its business plan," said Williams. "The process also introduced EMBREY to new lenders, creating relationships that can support its future financing needs."

The $76.2 million loan equates to approximately $215,254 per unit. The transaction is a post-construction financing and not a sale. A construction take-out bridge loan replaces or refinances construction debt after a property is delivered, and can give an owner time to lease up and stabilize an asset before a permanent loan or sale.

Citron at The Packing District: Property Details

Delivered in 2025, Citron at The Packing District is located at 2210 N. Orange Blossom Trail in Orlando. The property comprises a five-story residential building and an adjoining six-story structured parking garage.

Residences feature quartz countertops, stainless steel appliances, private patios or fenced yards, soaking tubs, wine refrigerators and downtown skyline views. Community features include a top-floor amenity deck with a media room, a resort-style pool with an adjacent aqua lounge and poolside cabanas, and a WiFi lounge with a conference room and dedicated micro offices.

Citron sits within The Packing District, a $700 million, 202-acre mixed-use redevelopment led by Dr. Phillips Charities. The broader project is expected to include approximately 3,500 residential units, along with retail, dining and community uses. The property offers 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.

The property is approximately five minutes from downtown Orlando, with frontage on U.S. Route 441 and immediate access to Interstate 4. It is within 10 minutes of AdventHealth Health Village, the Maitland office market and downtown Orlando's office district.

Orlando Multifamily Market Context

According to Newmark Research, U.S. multifamily demand remained historically strong in the second quarter of 2026, with absorption reaching 187,000 units, the strongest quarterly level in a year. Multifamily investment sales totaled $72.1 billion in the first half of 2026, representing 28.1% of all U.S. investment sales. Loan originations increased 26% year over year, and investment sales remained on pace for a third consecutive year of growth.

Conditions in Orlando remain more mixed for newly built Class A properties. Class A vacancy in the market stood at 10.4% in the first quarter of 2026, compared with 6.2% for combined Class B and Class C properties, and overall vacancy was 70 basis points above the prior year. Renter demand outpaced deliveries in the second quarter and Class A vacancy had begun to improve, though the upper-tier segment remained the most exposed to recent supply growth.

In the second quarter, Orlando average effective rents fell 2.1% year over year to $1,741, while occupancy was 94.8%. The market recorded approximately $2.9 billion of multifamily sales in the 12 months through June 2026, with cap rates near 5.3%. Orlando recorded 1,866 units of net absorption in the first quarter, while stabilized occupancy declined to 92.0% year over year.

Implications for EMBREY and Orlando Lenders

A 2025 delivery within a large mixed-use project may need additional time to reach stabilized occupancy and rent performance while new Class A supply is absorbed. A bridge loan allows an owner to defer a sale or long-term refinancing until leasing conditions improve and to establish operating history.

The multiple competitive proposals generated for Citron indicate that bridge lenders are willing to compete for newly delivered, well-located multifamily assets, even as Orlando rent growth is negative and Class A vacancy remains elevated.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisor and service provider to institutional investors, owners, global corporations and other occupiers, and lenders. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of that date, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents.

Sources

• Newmark press release: Newmark Arranges $76.2 Million Financing for Citron at The Packing District, an Apartment Property in Orlando