CIT Provides Acquisition Financing for Apartment Complex in Florida

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CIT, a division of First Citizens Bank

Aug 01, 2022, 16:00 ET

NEW YORK, Aug. 1, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided a loan to TruAmerica Multifamily for the acquisition of The Park at Napoli Apartments in Winter Park, Florida.

The Park at Napoli is a multifamily apartment complex comprising 238 units across 15 two-story buildings. The complex is conveniently located near several thoroughfares, providing immediate highway access to locations throughout the Orlando metro area.

"The rapid growth we're seeing in Orlando, and particularly in the Northeast Orlando submarket, makes this property a valuable addition to our portfolio," said Alex King, director of acquisitions at TruAmerica Multifamily. "We appreciate CIT's industry knowledge and agility in arranging this strategic financing."

"TruAmerica has built a strong portfolio of multifamily properties in prime locations across the U.S.," said Chris Niederpruem, head of CIT's Real Estate Finance business. "We were pleased to arrange this financing to support their expanding portfolio and look forward to future opportunities to support them."

"TruAmerica has a strong reputation as a leading multifamily investor and operator," said Ben Pagliaro, a managing director in CIT's Real Estate Finance business. "We worked closely with them to understand their goals, as financing the growth objectives of businesses in the multifamily sector is one of our specialties."

CIT's Real Estate Finance business originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

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SOURCE CIT, a division of First Citizens Bank