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BankUnited Refinances Loans Totaling $145 Million For Maitland-Based Developer CED Companies

BankUnited (NYSE: BKU) today announced it provided more than $145 million in loans for Maitland-based CED Companies, which specializes in building affordable multifamily communities, and its affiliate Concord Management Limited, a national leader in property management of affordable multifamily rental housing communities.

BankUnited’s Patrick Fitzgerald, vice president of commercial real estate in Orlando, worked with CED Companies CEO Alan Ginsburg and Executive Vice President Brian Spear to provide refinancing for 10 multifamily rental properties comprising more than 3,000 units, as well as for the Maitland headquarters of Concord Management Limited. The multifamily properties are located in Orlando, Oviedo, Kissimmee, Sanford and Daytona Beach. Many of the loans qualify for CRA credit based on the income- and rent-restricted nature of the properties.

“Signifying BankUnited’s ongoing commitment to ensuring real estate companies have access to credit, our lending team worked diligently to put together a substantial refinancing package for CED Companies and its affiliate Concord Management,” said Nic Bustle, senior executive vice president, corporate lending. “As a prominent and successful developer of multifamily and affordable housing, CED and its executives are paving the way for strengthening real estate development throughout Central Florida.”

BankUnited (NYSE: BKU), headquartered in Miami Lakes, Fla., provides a wide range of commercial and consumer banking services to businesses and consumers in 15 Florida counties through more than 95 branches. For additional information, call (877) 779-2265 or visit www.BankUnited.com.

Copyright Business Wire 2010

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