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TheStreet Open House

BankUnited Closes Several New Loans To Orlando-Based Unicorp National Developments

Stocks in this article: BKU

BankUnited (NYSE: BKU) today announced several new loans to Orlando-based Unicorp National Developments, Inc., one of the fastest-growing retail, mixed-use and drug store developers in the country.

In November, BankUnited closed a $21 million loan to Unicorp-related company Maguire Roberson, LLC, for the construction of Casa Mirella Apartments, a 216-unit luxury apartment property located in Ocoee, Fla.

In December, BankUnited provided loans to Unicorp including a $4.3 million loan to refinance a Walgreens in Jacksonville, and $3.6 million to refinance a CVS in Orlando.

Since April of 2012, BankUnited has provided nearly $60 million in loans to Unicorp.

BankUnited’s Patrick Fitzgerald, vice president of commercial real estate in Orlando, worked with Unicorp President Chuck Whittall to arrange construction financing as well as long-term financing with more attractive terms than Unicorp’s existing financing, resulting in significant savings to the company.

Additionally, BankUnited delivered a treasury management platform for Unicorp’s property operating accounts, which resulted in improved efficiencies in the cash management cycle and additional cost savings.

“BankUnited is enthusiastic about our robust lending to Orlando-area businesses and our role in stimulating the rebounding economic conditions we are beginning to see throughout Florida,” said Nic Bustle, senior executive vice president, corporate and commercial banking. “We are pleased to be able to work with Chuck Whittall to provide the financing that will enable Unicorp to continue to develop quality properties nationwide.”

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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