NEW YORK, July 17, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Real Estate Finance group, part of the CIT division, provided $40 million in construction financing to a joint venture between Grandview Partners and Crosland Southeast for the development of Evelyn City Lofts apartments located in Tampa, Florida.
The to-be-built multi-family apartment complex, located in the emerging Seminole Heights neighborhood, will consist of 245 residential units, including 25 affordable housing units, and a five-story covered parking garage. It will also feature a fully amenitized community with a clubhouse, common area, fitness center, business center, and resort style pool.
"The outstanding location of this property and the increasing demand for residences in this market made this an attractive investment," said Yates Dunaway, senior vice president of Crosland Southeast. "We appreciated the expertise of First Citizens Bank's Real Estate Finance group in providing the financing for this project."
"The desirability of the Seminole Heights neighborhood for residents and retailers is very apparent. We're excited to be part of this development, along with First Citizens Bank and Crosland Southeast," said Brandon Bass, director of Grandview Partners.
"This transaction is another demonstration of the value that First Citizens' financing capabilities provide for real estate investors and developers," said Chris Niederpruem, managing director and group head for Real Estate Finance.
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. Discover more at firstcitizens.com.
About Grandview Partners
Grandview Partners is a real estate fund manager and an institutional real estate investor deploying capital since 2019 for the acquisition and development of residential and industrial assets. Their offices in Austin, Chicago, Arlington, and Greenwich enable Grandview to operate regionally while taking a wide lens view of opportunities in markets across the country.
About Crosland Southeast
Crosland Southeast is a real estate development and investment firm operating across the Southeast region of the United States with their headquarters based in Charlotte, North Carolina. The company formed in 2011 following the acquisition of the retail division of Crosland LLC where they expanded their focus to all asset classes providing a range of services in commercial real estate from developing single-tenant buildings to shopping centers.
SOURCE First Citizens Bank