First Citizens Bank Provides $48 Million for Acquisition of Florida Apartment Community

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Apr 19, 2023, 09:00 ET

NEW YORK, April 19, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Real Estate Finance group, part of the CIT division, provided a $48 million senior secured loan to finance the acquisition of the Dunson Grove apartment community in Davenport, Florida.

The property consists of 18 three-story buildings comprising 319 residential units. Located in a suburb of Orlando, Florida, the apartment community benefits from immediate access to Interstate 4, as well as close proximity to job opportunities in the healthcare, distribution and tourism industries.

"The borrower is well-known for their strong and diverse portfolio," said Chris Niederpruem, head of Real Estate Finance. "We are pleased to partner with them for financing on Dunson Grove to support the continued growth in the Orlando suburbs."

"We were delighted to support our client in this investment in the Orlando multifamily market," said Mike Pedone, a managing director in Real Estate Finance. "We look forward to partnering with them in their future endeavors."

Real Estate Finance, part of First Citizens' CIT division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches and offices in 23 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

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SOURCE First Citizens Bank