Texas-based Embrey Partners recently secured a $76.2 million construction take-out bridge loan for Citron at The Packing District, a 354-unit, Class A multifamily community in Orlando, Florida.
Embrey Partners was the first residential developer selected to participate in the Packing District. The company completed The Cannery before securing $73.14 million in construction financing from Wells Fargo in 2022 for the sister community, Citron, which was completed in 2025.
Delivered in 2025, Citron comprises a five-story residential building and adjoining six-story structured parking garage. Residences feature a variety of modern amenities including 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, resort-style pool with an adjacent aqua lounge and poolside cabanas, and a WiFi lounge with a conference room and dedicated micro offices.
Newmark Vice Chairman Matthew Williams and Vice President Rob Wright secured the financing on behalf of the borrower, Embrey, with support from Managing Directors Kyle Schlitt and James Maynard and Associate David Williams. The lender was a private debt fund operated by AllianceBerstien, which approved an additional $3 million in debt. The deal closed on Sept. 15.
The Newmark team ran a comprehensive marketing process across the bridge lending market, engaging debt funds, balance sheet lenders, and CLO-driven capital sources, and generating 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.”
Embrey Partners has three more apartment communities in its development pipeline for Central Florida. The company plans to build a 246-unit apartment community near Storey Lake Resort in Osceola County. Embrey also applied for building permits for a 300-unit Live Local mixed-income housing community on Boggy Creek Road. Earlier this year, Embrey filed plans for the 350-unit multifamily apartment complex on property owned by the Calvary Orlando megachurch located just north of downtown.
Embrey plans to build a 246-unit apartment complex in Kissimmee next to Storey Lake Resort. (Rendering by Cline)
Embrey Partners wasn’t the only apartment developer to secure bridge financing for recently completed assets. JLL recently arranged $463 million in bridge financing for a portfolio of eight properties developed by Thompson Thrift. Each property features luxury amenities and premium finishes synonymous with the Thompson Thrift brand, such as 24-hour fitness centers, resort-style swimming pools, resident social hubs with coffee bars, pickleball courts, dog parks with pet spas, business centers and thoughtfully designed outdoor spaces. Unit interiors feature gourmet kitchens with stainless steel appliances, quartz or granite countertops, smart home technology, full-size washers and dryers, and private balconies or patios.
JLL’s Capital Markets Debt Advisory team was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic, CEO and Executive Managing Director Mark Gibson and Executive Managing Director Matthew Lawton.
Barings, a subsidiary of MassMutual, provided the floating-rate construction take-out loan for the newly delivered properties across Florida, Georgia and Arizona. One of the assets was Standard441, a 300-unit apartment community on U.S. 441 in Lady Lake. The project, which is near The Villages and just over the Lake County line in Sumter County, was completed in 2025.
Earlier this year, Thompson Thrift filed plans for a 320-unit apartment complex in the Horizon West master-planned community of southwest Orange County.
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