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


First Citizens Bank Provides $19.5MM for Development of Holbrook Logistics Center

June 22, 2023, 07:30 AM
Filed Under: Real Estate

First Citizens Bank's Real Estate Finance business provided a $19.5 million construction loan for the development of Holbrook Logistics Center in Long Island, N.Y.
The borrower, an affiliate of Eagle Cliff Real Estate Partners, is building a new 108,000-square-foot distribution center in the Long Island community of Islip.

The property is conveniently located near Long Island's MacArthur Airport, with ready access to both the Long Island Expressway and Sunrise Highway.
aid Paul Teti, Co-Founder of Eagle Cliff Real Estate Partners. "We appreciated the expertise of First Citizens' Real Estate Finance in arranging the construction financing to advance this important project."
"We were pleased to work closely with our clients to develop a financial package that meets the needs of this project," said Chris Niederpruem, First Citizens Bank managing director and group head for Real Estate Finance.

"Eagle Cliff Real Estate Partners is well known and respected in the industry for their skill and experience in commercial real estate development," said Ted Dalton, a managing director for Real Estate Finance. "We appreciated the opportunity to support them with this financing and look forward to more opportunities in the future."

Real Estate Finance, part of First Citizens' CIT division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.

Comments From Our Members

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