CIT Provides Acquisition Financing for Apartment Complex in Florida

Rhea-AI Summary

CIT, a division of First Citizens Bank, has provided financing for TruAmerica Multifamily's acquisition of The Park at Napoli Apartments in Winter Park, Florida. The property includes 238 units and is strategically located near major highways, enhancing its access to the Orlando metro area. TruAmerica’s director emphasized the property's value due to Orlando's rapid growth. CIT's Real Estate Finance team, known for its expertise in multifamily investments, expressed commitment to supporting TruAmerica's portfolio expansion.

Positive

• CIT arranged financing for TruAmerica's acquisition, supporting portfolio expansion.
• The Park at Napoli Apartments expands TruAmerica's strong portfolio in prime locations.
• The property is well-placed for access to the growing Orlando market.

Negative

• None.

NEW YORK, Aug. 1, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided a loan to TruAmerica Multifamily for the acquisition of The Park at Napoli Apartments in Winter Park, Florida.

The Park at Napoli is a multifamily apartment complex comprising 238 units across 15 two-story buildings. The complex is conveniently located near several thoroughfares, providing immediate highway access to locations throughout the Orlando metro area.

"The rapid growth we're seeing in Orlando, and particularly in the Northeast Orlando submarket, makes this property a valuable addition to our portfolio," said Alex King, director of acquisitions at TruAmerica Multifamily. "We appreciate CIT's industry knowledge and agility in arranging this strategic financing."

"TruAmerica has built a strong portfolio of multifamily properties in prime locations across the U.S.," said Chris Niederpruem, head of CIT's Real Estate Finance business. "We were pleased to arrange this financing to support their expanding portfolio and look forward to future opportunities to support them."

"TruAmerica has a strong reputation as a leading multifamily investor and operator," said Ben Pagliaro, a managing director in CIT's Real Estate Finance business. "We worked closely with them to understand their goals, as financing the growth objectives of businesses in the multifamily sector is one of our specialties."

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:
Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the purpose of CIT's financing for TruAmerica's acquisition of The Park at Napoli Apartments?

The financing supports TruAmerica Multifamily in acquiring The Park at Napoli Apartments to expand their portfolio of multifamily properties.

What are the details of The Park at Napoli Apartments?

The Park at Napoli Apartments consists of 238 units across 15 two-story buildings located in Winter Park, Florida.

How does the financing by CIT impact TruAmerica Multifamily?

The financing allows TruAmerica to enhance its multifamily property portfolio, capitalizing on growth opportunities in the Orlando area.

What is the significance of the location of The Park at Napoli Apartments?

Its proximity to major highways provides convenient access to the growing Orlando metro area.

Who benefits from CIT's Real Estate Finance services?

Businesses in the multifamily sector looking for financing to support growth objectives benefit from CIT's expertise.