Altamonte Springs, Fla. --- Emerson International, Inc. which owns and develops office parks, luxury condominiums and golf course communities in Central Florida, recently closed on a new $20 million mortgage agreement with a U.S lender subsidiary of parent company ING based in the Netherlands.
Eric Emerson, vice president and general manager of Emerson International, said the new 20-year loan – with a 4.65 percent interest rate – enables Emerson International to retire existing mortgages on its southwest Orlando Major Plaza buildings I and II, Altamonte Lakeside Plaza Office Park, Louisiana Office Park in Winter Park and University Research Park I in southeast Orlando, totaling approximately 350,000 square feet of Class B office space.
Don Jennewein and Nathan Lynch of CBRE brokered the mortgage agreement, Emerson said.
Shutts & Bowen represented borrowers Emerson International Inc. and Emerson Investments International, Inc.
“Mortgage interest rates today are at record lows and it makes excellent sense to refinance quality real estate assets,” Emerson said.
“The savings to us is significant and represents a substantial increase in our operating income,” he said.
About Emerson International
Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies.
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