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CIT Provides Acquisition Financing for Apartment Complex in Florida

August 02, 2022, 07:30 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, announced its Real Estate Finance business provided a loan to TruAmerica Multifamily for the acquisition of The Park at Napoli Apartments in Winter Park, Florida.

The Park at Napoli is a multifamily apartment complex comprising 238 units across 15 two-story buildings. The complex is conveniently located near several thoroughfares, providing immediate highway access to locations throughout the Orlando metro area.

“The rapid growth we’re seeing in Orlando, and particularly in the Northeast Orlando submarket, makes this property a valuable addition to our portfolio,” said Alex King, director of acquisitions at TruAmerica Multifamily. “We appreciate CIT’s industry knowledge and agility in arranging this strategic financing.”

“TruAmerica has built a strong portfolio of multifamily properties in prime locations across the U.S.,” said Chris Niederpruem, head of CIT’s Real Estate Finance business. “We were pleased to arrange this financing to support their expanding portfolio and look forward to future opportunities to support them.”

“TruAmerica has a strong reputation as a leading multifamily investor and operator,” said Ben Pagliaro, a managing director in CIT’s Real Estate Finance business. “We worked closely with them to understand their goals, as financing the growth objectives of businesses in the multifamily sector is one of our specialties.”

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