NEW YORK, Feb. 10, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided financing for the acquisition of the Morada Plano Apartments in Plano, Texas.
Built in 2019 and 2020, the Morada Plano Apartments is a 183-unit multifamily residential development located in a high-growth market in close proximity to major employers, transportation corridors and services.
The borrower 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.
"The residential market in Plano, Texas, has a bright future and the Morada Plano Apartments is well-positioned to support that growth," said Larry Jacobson, President and CEO of The Jacobson Company. "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," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "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."
CIT's Real Estate Finance business, part of the Commercial Finance group, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
About The Jacobson Company
The Jacobson Company is a private real estate investment company with a 50-year tradition of successfully acquiring and operating conventional multi-family, student housing and commercial properties. The company is committed to providing its investors with superior risk adjusted returns in the form of distributable cash flow, optimizing the operating performance of its assets, and realizing appreciation over time, all the while remaining steadfast in its adherence to the unwavering ethical principles of Norman Jacobson, the company's founder.
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SOURCE CIT, a division of First Citizens Bank