First Citizens Bank‘s middle market banking business provided $16 million in financing to Raymour & Flanigan for the purchase of an existing furniture showroom in White Plains, NY.
Raymour & Flanigan is the seventh largest furniture retailer in the .S., operating 107 showrooms across the Northeast, as well as 34 outlet stores, five clearance centers and an e-commerce business.
The White Plains showroom is a strategic addition to Raymour & Flanigan’s footprint due to its size and location near major commuter thoroughfares. The 70,000-square-foot showroom has two floors, and the building includes a lower-level parking garage with covered parking spaces in addition to surface parking. The building also contains a passenger elevator, freight elevator and three loading docks.
“We appreciate First Citizens’ capabilities in arranging financing to support the purchase of this property. This furniture showroom will allow us to provide a more robust and convenient shopping experience to White Plains and the surrounding area than our current location,” Adam Wasileski, director of real estate at Raymour & Flanigan, said.
“Raymour & Flanigan is a leader in the furniture retail industry,” Brendan Chambers, head of First Citizens Middle Market Banking, said. “We are excited about the opportunity to work with them as they expand their business.”
