First Citizens Bank‘s real estate finance group, part of the CIT division, served as lead arranger on $65.7 million in financing to MainStreet Property Group for the development of The Spark Apartments, a 211-unit, Class A multifamily project in Redmond, WA.
All amenities support The Spark Apartment’s mission to promote sustainability, community and well-being. Leading the way in sustainability and innovation, The Spark is also targeting LEED Platinum and Fitwel certifications and is being constructed using low-carbon concrete. In addition, a rooftop solar system and carsharing partnership will offset the building’s carbon footprint and further the building’s commitment to sustainability.
The project site for The Spark Apartments is located near the 640-acre Marymoor Park, the SE Redmond/Marymoor Village light rail station with planned future access to Seattle and Bellevue, WA.
“The City of Redmond continues to be a highly sought-after area with a growing population and a competitive housing market thanks to its proximity to Seattle and nearby employment opportunities,” Jackie Hizzey, senior vice president and CFO at MainStreet Property Group, said. “We’re pleased to move forward with the development of The Spark and appreciate the guidance and financing provided by CIT to support the growth of this unique area.”
“MainStreet Property Group has a strong track record of development experience in Redmond and surrounding areas,” Chris Niederpruem, head of real estate finance at First Citizens, said. “We are committed to advising our clients with groundbreaking solutions and hands-on guidance on real estate finance, and value the opportunity to partner with MainStreet as they grow and evolve within this space.”
“We are delighted to support MainStreet Property Group as they develop The Spark Apartments,” Ben Pagliaro, managing director of real estate finance at CIT, said. “We are excited to add this financing to our portfolio and look forward to supporting MainStreet’s future endeavors.”