NEW YORK, June 21, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Real Estate Finance business provided a $19.5 million construction loan for the development of Holbrook Logistics Center in Long Island, N.Y.
The borrower, an affiliate of Eagle Cliff Real Estate Partners, is building a new 108,000-square-foot distribution center in the Long Island community of Islip.
The property is conveniently located near Long Island's MacArthur Airport, with ready access to both the Long Island Expressway and Sunrise Highway.
"Demand for warehouse and distribution space in central Long Island is strong and this property has all the right characteristics to be successful," said Paul Teti, Co-Founder of Eagle Cliff Real Estate Partners. "We appreciated the expertise of First Citizens' Real Estate Finance in arranging the construction financing to advance this important project."
"We were pleased to work closely with our clients to develop a financial package that meets the needs of this project," said Chris Niederpruem, First Citizens Bank managing director and group head for Real Estate Finance.
"Eagle Cliff Real Estate Partners is well known and respected in the industry for their skill and experience in commercial real estate development," said Ted Dalton, a managing director for Real Estate Finance. "We appreciated the opportunity to support them with this financing and look forward to more opportunities in the future."
Real Estate Finance, part of First Citizens' CIT 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 First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.
About Eagle Cliff Real Estate Partners
Eagle Cliff Real Estate Partners is a private investment firm focused on real estate opportunities across diversified asset classes in the Northeast and Mid-Atlantic region of the US. Eagle Cliff creates value through collaborative partnerships, thoughtful investment structuring, and undertaking a hands-on approach to operations and development management. Eagle Cliff is managed by Paul Teti and Giorgios Vlamis and invests capital on behalf of both family offices and institutional partners. Over the past 20 years the Eagle Cliff management team has been part of building, improving, and monetizing both real estate investments and operating companies.
SOURCE First Citizens Bank