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First Citizens Bank Arranges $65.7MM in Financing for Development of Apartments

February 03, 2023, 07:48 AM
Filed Under: Real Estate

First Citizens Bank announced that its 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, Washington.
The Spark Apartments will consist of two buildings, divided by a public "urban forest" and connected by a multicolor sky bridge. The community and residents will be able to enjoy this densely landscaped public forest, which includes interactive artwork and murals by local artists. The apartments will feature luxury in-unit amenities, including quartz countertops, stainless steel appliances, and Whirlpool washers and dryers, with patios or balconies on 50% of units and full AC throughout. There will also be an abundance of site amenities, such as an automated package room with contactless delivery, a communal kitchen, an edible garden, a meditation room, an artist studio, and a luxury fitness center.

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 desirably located near the 640-acre Marymoor Park, the SE Redmond/Marymoor Village light rail station with planned future access to Seattle and Bellevue, as well as a Whole Foods Market and other retail amenities. Additionally, major employers Microsoft and Amazon continue to expand in the area, creating thousands of new jobs.

"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," said Jackie Hizzey, Senior VP & CFO at MainStreet Property Group. "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," said Chris Niederpruem, head of Real Estate Finance. "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," said Ben Pagliaro, managing director, Real Estate Finance at CIT. "We are excited to add this financing to our portfolio and look forward to supporting MainStreet's future endeavors."

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