CIT Provides $51 Million for Acquisition of Arizona Apartment Complex

Rhea-AI Summary

CIT, part of First Citizens Bank, announced financing of $51 million for the acquisition of Oceana Apartments in Avondale, Arizona. The property consists of 240 units and was purchased by 29th Street Capital, a well-regarded multifamily investment firm based in Chicago. Senior Vice President Dusty Eddy praised CIT's expertise in arranging the financing. CIT's Real Estate Finance business provides tailored financing solutions, contributing to the bank's mission of supporting middle-market and small businesses across the U.S.

Positive

• CIT provided $51 million in financing for the acquisition of Oceana Apartments, enhancing its Real Estate Finance portfolio.
• The acquisition strengthens 29th Street Capital's position in the multifamily property market, potentially leading to increased revenues.

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• None.

NEW YORK, Feb. 24, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today 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 29^th Street Capital, consists of 240 one-bedroom, two-bedroom and three-bedroom units. Based in Chicago, 29^th 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."

"29^th 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. 

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 acquisition did CIT finance in February 2022?

CIT financed the acquisition of Oceana Apartments in Avondale, Arizona.

How much financing did CIT provide for the Oceana Apartments acquisition?

CIT provided $51 million in financing for the acquisition.

Who acquired the Oceana Apartments?

The Oceana Apartments were acquired by 29th Street Capital.

What type of properties does 29th Street Capital invest in?

29th Street Capital specializes in multifamily properties.

What is the significance of the Oceana Apartments acquisition for CIT?

The acquisition enhances CIT's portfolio in real estate finance and demonstrates its ability to support major transactions.