CIT, a division of First Citizens Bank, announced that its Real Estate Finance business provided $51 million in financing for the acquisition of the Oceana Apartments in Avondale, Arizona.
Oceana Apartments, which was acquired by 29th Street Capital, consists of 240 one-bedroom, two-bedroom and three-bedroom units. Based in Chicago, 29th Street Capital is a leading investor, manager and developer of multifamily properties nationwide.
“We were pleased to add Oceana Apartments to our portfolio of top-tier multifamily residential properties in Arizona,” said Dusty Eddy, Senior Vice President of Acquisitions-Southwest for 29th Street Capital. “We appreciated CIT’s expertise and agility in arranging a financing package for our transaction.”
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“29th Street Capital has an excellent reputation for multifamily investment and development with a multibillion-dollar portfolio of properties,” said Chris Niederpruem, managing director and group head for CIT’s Real Estate Finance business. “We were pleased to arrange financing to for this acquisition.”
CIT’s Real Estate Finance business, part of the Commercial Finance group, 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.
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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. 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.
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