Integra 289

CBRE Secures $39M HUD-Insured Refinancing for Integra 289 Exchange Apartments in DeBary, Florida

by Julia Sanders

DEBARY, FLA. — CBRE has secured the refinancing for Integra 289 Exchange, a 289-unit multifamily property in DeBary. The borrower, Integra Land Co., completed the project in 2020 after closing a HUD 221(d)(4) construction loan in 2018.

The $39 million refinancing will allow Integra Land to save over $285,000 in annual debt-service payments with the interest rate reducing from 4.80 percent loan to 3.80 percent. Ann Cone and David Borge of CBRE originated the new HUD loan.

Located at 115 Integra Reserve Lane, Integra 289 Exchange includes one-, two- and three-bedroom apartments. Rents ranges from $1,235 to $1,795 per month and units range in size from 639 to 1,300 square feet. The property is 97 percent occupied.

Community amenities include a clubhouse, saltwater pool, fitness center and pet park. Interior finishes on the apartments include granite countertops, standalone islands and breakfast bars and a full appliance package, including microwaves and washers/dryers in each unit.

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