FCNCA - First Citizens Bank Provides $74 Million for Multifamily Building in Downtown Brooklyn

PR Newswire

NEW YORK , May 28, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Commercial Real Estate business served as sole lender on a $74 million senior secured loan to Lonicera Partners on a 23-story, class A multifamily building in Downtown Brooklyn, New York .

Located at 310 Livingston Street, the building features 160 luxury apartment units and over 8,600 square feet of ground floor retail and premier amenity space.

"We're pleased to partner with First Citizens Commercial Real Estate on this financing, after having positive experiences working with them on other commercial real estate deals in recent years," said Jamie Anthony , founder of Lonicera Partners. "We appreciate their expertise in commercial real estate construction financing, as well as their ability to deliver tailored financing that meets our specific business needs."

Lonicera Partners is a Brooklyn -based real estate investment and development firm founded in 2010. Their portfolio consists primarily of residential development projects in the Downtown Brooklyn area.

"Lonicera Partners has a strong track record of multifamily developments in the greater NYC area and an in-depth knowledge of the neighborhoods in which they invest," said Chris Niederpruem , group head for Commercial Real Estate. "We enjoy working with Lonicera's experienced leadership team, and we look forward to supporting them in future business opportunities."

"We were delighted to again work with Lonicera to support their growing portfolio of strategic multifamily projects," said Ted Dalton , a managing director with First Citizens Commercial Real Estate. "310 Livingston Street is a valuable asset in Lonicera's portfolio given its location in the high-growth area of Downtown Brooklyn , as well as the convenience and state-of-the-art amenities it offers to its residents."

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

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C. , First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Lexa Tutela Losey
212-461-5305
Lexa.Tutela@firstcitizens.com

SOURCE First Citizens Bank