Today, First Citizens Bank’s Real Estate Finance group within the CIT division announced a $48 million senior secured loan to finance the acquisition of Dunson Grove apartment community in Davenport, FL. The property consists of 18 three-story buildings with 319 residential units and is located in a suburb of Orlando. It offers immediate access to Interstate 4 as well as close proximity to job opportunities in healthcare, distribution and tourism industries.
Chris Niederpruem, head of Real Estate Finance commented: “The borrower has an impressive portfolio that we are pleased to partner with for financing on Dunson Grove which will support growth in the Orlando suburbs.” Mike Pedone – managing director at Real Estate Finance added: “We were delighted to support our client’s investment into this multifamily market and look forward partnering them for their future endeavors.”
