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First Citizens Provides $24.5MM in Construction Financing for Texas Industrial Project

May 20, 2024, 07:30 AM
Filed Under: Real Estate

First Citizens Bank's Commercial Real Estate business provided $24.5 million in construction financing for 121 Commerce Center, a large new industrial property in Grapevine, Texas.
The facility will cover more than 272,000 square feet and feature 36-foot ceilings, 54 truck doors and more than 350 parking spaces. The 16-acre site is strategically located near Highway 121, Interstate 635 and Dallas-Fort Worth airport.
Construction has begun on the facility, which is owned by an affiliate of GTIS Partners, and is expected to be completed before year end.

"This new logistics center features modern facilities and a strategic location that is ideal for supporting the distribution needs of the region," said Gaurav Sahay, Managing Director of Industrial and Logistics of GTIS Partners. "We appreciated the insights and agility of the First Citizens Commercial Real Estate team in arranging financing to help move this project forward."

"GTIS Partners is well-known throughout the industry for their skill in developing and operating top-tier commercial properties," said Chris Niederpruem, group head for Commercial Real Estate. "We have worked closely with GTIS before and look forward to supporting their financing needs in the future."

"It was a pleasure to work with the GTIS organization to craft this financing for an outstanding new project in the busy Dallas-Fort Worth region," said Juan Vives, a managing director with First Citizens Commercial Real Estate who originated the transaction.

First Citizens Commercial Real Estate originates and underwrites senior secured real estate financing for single properties, property portfolios and loan portfolios.

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