CIT Provides $30 Million for Acquisition of Apartment Complex in Arizona

Rhea-AI Summary

CIT, a division of First Citizens Bank, has successfully arranged $30 million in financing for the acquisition of Madison Grove Apartments, a 171-unit multifamily complex located in North Phoenix, Arizona. The property is strategically situated near key amenities and is expected to meet strong demand for rental housing in the region. Brass Enterprises, the borrower, is known for its expertise in managing multi-family real estate investments. CIT aims to continue supporting Brass Enterprises in future investment opportunities.

Positive

• $30 million financing for Madison Grove Apartments acquisition.
• Strategic location in a high-demand Phoenix rental market.
• Partnership with experienced operator Brass Enterprises.

Negative

• None.

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

FAQ

What was the amount financed by CIT for the apartment complex acquisition?

CIT arranged $30 million for the acquisition of Madison Grove Apartments.

What is the location of the Madison Grove Apartments?

The Madison Grove Apartments are located in North Phoenix, Arizona.

Who is Brass Enterprises in relation to the acquisition?

Brass Enterprises is a privately held real estate investment company managing the acquisition of Madison Grove Apartments.

What is expected from the Phoenix rental market?

The demand for rental housing in the Phoenix market is strong, making the property well-positioned for success.

What kind of properties does CIT's Real Estate Finance division finance?

CIT's Real Estate Finance division finances single properties, property portfolios, and loan portfolios.