First Citizens Bank has recently announced that its Commercial Real Estate division has provided a senior secured loan of $74 million to Lonicera Partners. This loan will be used for the development of a 23-story, Class A multifamily building located at 310 Livingston Street in Downtown Brooklyn. The building boasts 160 luxurious apartments and over 8,600 square feet of ground-floor retail and amenity space.
According to Ted Dalton, Managing Director at First Citizens Commercial Real Estate, they are pleased to collaborate with Lonicera once again in supporting their expanding portfolio of strategic multifamily projects. He further added that the location and top-notch amenities offered by this property make it a valuable asset for Lonicera’s portfolio.
Founded in 2010, Lonicera Partners specializes in residential developments within Downtown Brooklyn while First Citizens Commercial Real Estate focuses on providing senior secured financing for single properties as well as property portfolios and loan portfolios.
This announcement from First Citizens Bank showcases their commitment towards supporting real estate developments through secure financing options.
