NEW
YORK, May 28, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Commercial Real
Estate business served as sole lender on a $74 million senior secured loan to Lonicera
Partners on a 23-story, class A multifamily building in
Downtown Brooklyn, New York.
Located at 310 Livingston Street, the building features 160
luxury apartment units and over 8,600 square feet of ground floor
retail and premier amenity space.
"We're pleased to partner with First Citizens Commercial Real
Estate on this financing, after having positive experiences working
with them on other commercial real estate deals in recent years,"
said Jamie Anthony, founder of
Lonicera Partners. "We appreciate their expertise in commercial
real estate construction financing, as well as their ability to
deliver tailored financing that meets our specific business
needs."
Lonicera Partners is a Brooklyn-based real estate investment and
development firm founded in 2010. Their portfolio consists
primarily of residential development projects in the Downtown Brooklyn area.
"Lonicera Partners has a strong track record of multifamily
developments in the greater NYC area and an in-depth knowledge of
the neighborhoods in which they invest," said Chris Niederpruem, group head for Commercial
Real Estate. "We enjoy working with Lonicera's experienced
leadership team, and we look forward to supporting them in future
business opportunities."
"We were delighted to again work with Lonicera to support their
growing portfolio of strategic multifamily projects," said
Ted Dalton, a managing director with
First Citizens Commercial Real Estate. "310 Livingston Street is a
valuable asset in Lonicera's portfolio given its location in the
high-growth area of Downtown
Brooklyn, as well as the convenience and state-of-the-art
amenities it offers to its residents."
First Citizens Commercial Real Estate originates and
underwrites senior secured real estate 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., 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 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. 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.
MEDIA RELATIONS:
Lexa Tutela Losey
212-461-5305
Lexa.Tutela@firstcitizens.com
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SOURCE First Citizens Bank