CIT Provides $35.6 Million for Acquisition of Two Massachusetts Residential Complexes

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced a financing package of $35.6 million for the acquisition of two multifamily residential properties in the North Shore area of Massachusetts. The properties, The Heights at Haverhill and Thorndike Exchange, total 107 residential units along with office and retail space. CIT's Real Estate Finance division facilitated the financing, emphasizing the properties' strategic location near transportation and services. This move underlines First Citizens Bank's commitment to expanding its commercial real estate portfolio.

Positive

• Financing package of $35.6 million indicates strong support for real estate investments.
• Acquisition of two well-located multifamily properties may enhance portfolio value.
• The properties include both residential and commercial space, providing diversified revenue streams.

Negative

• None.

NEW YORK, March 31, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided $35.6 million for the acquisition of two multifamily residential properties in the North Shore area of Massachusetts.

The Heights at Haverhill, located in Haverhill, Massachusetts, and the Thorndike Exchange in nearby Lowell, Massachusetts, comprise 107 residential rental units with accompanying office and retail space on the ground floor. The name of the borrower was not disclosed.

"These multifamily and mixed-use properties are well located in attractive neighborhoods with ready access to transportation corridors and services," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We worked closely with our client to understand their requirements and deliver a financing package to help reach their business objectives."

CIT Real Estate Finance, part of the Commercial Finance group, 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 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 is the purpose of CIT's $35.6 million financing in Massachusetts?

CIT's financing aims to support the acquisition of two multifamily residential properties, enhancing their real estate portfolio.

What are the names of the properties acquired in Massachusetts?

The properties acquired are The Heights at Haverhill and Thorndike Exchange.

How many units are included in the Massachusetts residential properties acquisition?

The acquisition includes a total of 107 residential rental units.

What strategic benefits does CIT highlight for the acquired properties?

CIT emphasizes the properties' locations in attractive neighborhoods with easy access to transportation corridors and services.

What is the stock symbol for First Citizens BancShares?

The stock symbol for First Citizens BancShares is FCNCA.