CIT’s real estate finance division provided financing for the acquisition of the Morada Plano Apartments in Plano, TX. The borrower for the financing is The Jacobson Company, a Los Angeles-based private real estate company with more than 50 years of experience in acquiring and operating investment properties throughout the western United States.
Built in 2019 and 2020, the Morada Plano Apartments complex is a 183-unit multifamily residential development.
“The residential market in Plano, TX, has a bright future and the Morada Plano Apartments is well-positioned to support that growth,” Larry Jacobson, president and CEO of The Jacobson Company, said. “We appreciated CIT’s expertise and agility in arranging financing for this acquisition.”
“The Jacobson Company is well known for its successful real estate investments throughout the western United States,” Chris Niederpruem, managing director and group head for CIT’s real estate finance business, said. “We were pleased to arrange this acquisition financing on their behalf and look forward to potential new opportunities to support their investments in the future.”
