First Citizens Bank Serves as Lead Arranger on $65.7 Million in Financing for Development of Apartments in Washington State

Rhea-AI Summary

First Citizens Bank's Real Estate Finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments in Redmond, Washington. This Class A multifamily project will feature 211 units with luxury amenities and is designed with sustainability in mind, targeting LEED Platinum and Fitwel certifications. The site is strategically located near major employers such as Microsoft and Amazon, promoting job growth in the area. The financing reflects First Citizens Bank's commitment to supporting innovative real estate developments.

Positive

• Secured $65.7 million in financing for a Class A multifamily project.
• Project targets LEED Platinum and Fitwel certifications, emphasizing sustainability.
• Strategically located near Microsoft and Amazon, fostering job growth.
• Comprehensive luxury amenities designed to attract residents.

Negative

• None.

NEW YORK, Feb. 2, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Real Estate Finance group, part of the CIT division, served as lead arranger on $65.7 million in financing to MainStreet Property Group for the development of The Spark Apartments, a 211-unit, Class A multifamily project in Redmond, Washington.

The Spark Apartments will consist of two buildings, divided by a public "urban forest" and connected by a multicolor sky bridge. The community and residents will be able to enjoy this densely landscaped public forest, which includes interactive artwork and murals by local artists. The apartments will feature luxury in-unit amenities, including quartz countertops, stainless steel appliances, and Whirlpool washers and dryers, with patios or balconies on 50% of units and full AC throughout. There will also be an abundance of site amenities, such as an automated package room with contactless delivery, a communal kitchen, an edible garden, a meditation room, an artist studio, and a luxury fitness center.

All amenities support The Spark Apartment's mission to promote sustainability, community, and well-being. Leading the way in sustainability and innovation, The Spark is also targeting LEED Platinum and Fitwel certifications and is being constructed using low-carbon concrete. In addition, a rooftop solar system and carsharing partnership will offset the building's carbon footprint and further the building's commitment to sustainability.

The project site for The Spark Apartments is desirably located near the 640-acre Marymoor Park, the SE Redmond/Marymoor Village light rail station with planned future access to Seattle and Bellevue, as well as a Whole Foods Market and other retail amenities. Additionally, major employers Microsoft and Amazon continue to expand in the area, creating thousands of new jobs.

"The City of Redmond continues to be a highly sought-after area with a growing population and a competitive housing market thanks to its proximity to Seattle and nearby employment opportunities," said Jackie Hizzey, Senior VP & CFO at MainStreet Property Group. "We're pleased to move forward with the development of The Spark and appreciate the guidance and financing provided by CIT to support the growth of this unique area."

"MainStreet Property Group has a strong track record of development experience in Redmond and surrounding areas," said Chris Niederpruem, head of Real Estate Finance. "We are committed to advising our clients with groundbreaking solutions and hands-on guidance on real estate finance, and value the opportunity to partner with MainStreet as they grow and evolve within this space."

"We are delighted to support MainStreet Property Group as they develop The Spark Apartments," said Ben Pagliaro, managing director, Real Estate Finance at CIT. "We are excited to add this financing to our portfolio and look forward to supporting MainStreet's future endeavors."

CIT's Real Estate Finance division 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 500 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 financing amount arranged by First Citizens Bank for The Spark Apartments project?

First Citizens Bank arranged $65.7 million in financing for The Spark Apartments.

Where are The Spark Apartments being developed?

The Spark Apartments are being developed in Redmond, Washington.

What certifications is The Spark Apartments project targeting?

The Spark Apartments project is targeting LEED Platinum and Fitwel certifications.

How many units will The Spark Apartments have?

The Spark Apartments will consist of 211 units.

What major employers are near The Spark Apartments location?

The area near The Spark Apartments includes major employers like Microsoft and Amazon.