First Citizens Provides $40 Million in Financing for Florida Apartment Complex Development

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.

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