First Citizens Bank’s real estate finance group, part of the CIT division, provided a $48 million senior secured loan to finance the acquisition of the Dunson Grove apartment community in Davenport, FL. The property consists of 18 three-story buildings comprising 319 residential units located in a suburb of Orlando, FL.
“The borrower is well-known for their strong and diverse portfolio,” Chris Niederpruem, head of real estate finance at First Citizens Bank, said. “We are pleased to partner with them for financing on Dunson Grove to support the continued growth in the Orlando suburbs.”
“We were delighted to support our client in this investment in the Orlando multifamily market,” Mike Pedone, managing director in real estate finance at First Citizens Bank, sad. “We look forward to partnering with them in their future endeavors.”
