CIT provides acquisition financing for Florida apartment complex

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NEW YORK, August 1, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, announced today that its real estate finance business has extended a loan to TruAmerica Multifamily to purchase The Park at Napoli Apartments Winter Park, Fla.

The park at Naples is a multi-family apartment complex with 238 units in 15 two-story buildings. The complex is conveniently located near several thoroughfares and offers direct freeway access to locations across the country Orlando subway area.

“The rapid growth that we are seeing Orlandoand especially in the Northeast of Orlando submarket, makes this property a valuable addition to our portfolio,” said Alex King, Purchasing Manager at TruAmerica Multifamily. “We appreciate CIT’s industry knowledge and agility in organizing this strategic financing.”

“TruAmerica has built a strong portfolio of multi-family homes in prime locations across the United States,” said Chris Niederprum, head of CIT’s real estate finance business. “We were pleased to arrange this financing to support their growing portfolio and look forward to future opportunities to support them.”

“TruAmerica has a strong reputation as a leading investor and operator of multi-family homes,” he said Ben Pagliaro, a director in CIT’s real estate finance business. “We worked closely with them to understand their goals, as funding the growth aspirations of multifamily housing companies is one of our specialties.”

CIT’s real estate financing The business forms and underwrites primarily secured real estate transactions. With extensive market knowledge, underwriting experience and industry relationships, the group offers financing for individual properties, property portfolios and loan portfolios.

About CIT
CIT is a division of First Citizens Bank, the largest family-run bank in The United States, continuing a unique legacy of strength, stability and long-term thinking that spans generations. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 US financial institution with more than 100 billion dollars in wealth. The company’s commercial banking segment provides a wide range of premium lending, leasing and banking services to mid-sized and small businesses coast-to-coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in emerging markets. Industry specialists bring a wealth of expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Learn more at cit.com/firstcitizens.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
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SOURCE CIT, a division of First Citizens Bank

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