NEW
YORK, May 18, 2022 /PRNewswire/ -- CIT, a
division of First Citizens Bank, today announced that its Real
Estate Finance business provided $30
million for the acquisition of an apartment complex in
Phoenix, Arizona.
The Madison Grove Apartments is a 171-unit multifamily complex
located in the North Phoenix area,
located between Piestewa Peak Park and Scottsdale. The residences are within
convenient walking distance to restaurants, shopping and parks and
the complex features numerous on-site amenities.
The borrower is an affiliate of Brass Enterprises, a privately
held real estate investment company focused on the acquisition,
management, and operation of multi-family real estate in select
markets throughout the U.S.
"Demand is strong for rental housing in the Phoenix market and this property is uniquely
well-positioned to offer attractive opportunities for residents,"
said Aryeh Berger, COO of Brass
Enterprises. "We appreciated CIT's expertise and agility in
arranging financing for this acquisition."
"Brass Enterprises is well-known as a smart and experienced
operator and investor in multi-family properties," said
Chris Niederpruem, managing director
and group head for CIT Real Estate Finance. "We were pleased to
arrange this acquisition financing on their behalf and look forward
to potential new opportunities to support their investments in the
future."
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.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE CIT, a division of First Citizens Bank