FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


CIT Provides Financing for Acquisition of Apartment Complex in Plano, Texas

February 11, 2022, 07:00 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, 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.”

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.