Press release
First Citizens Bank Provides $19.5 Million for Development of Holbrook Logistics Center
NEW YORK, June 21, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Real Estate Finance business provided a $19.5 million construction loan
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nThe 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.\nThe property is conveniently located near Long Island's MacArthur Airport, with ready access to both the Long Island Expressway and Sunrise Highway.\n\"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.\" \n\"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.\n\"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.\"\nReal 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.\nAbout 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...