NEW
YORK, May 15, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its 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.
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.
About GTIS Partners
GTIS Partners is a global real estate investment firm in the
Americas, headquartered in New
York with offices in São Paulo, San Francisco, Los
Angeles, Atlanta,
Charlotte, Phoenix, Dallas, Houston and Munich. The firm was founded in 2005 and is
managed by President and Founder Tom
Shapiro and seven other partners. The firm manages
$4.5 billion in gross assets and is
active across a wide range of real estate sectors including single
family and multifamily housing, office, industrial/logistics and
hospitality as well as opportunity zone investments. The firm
invests at various points in the capital structure including
credit, common equity and structured equity. In the US, GTIS has
invested in over 215 assets across 45 unique markets including
growth areas such as Miami,
Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate
private equity firms with holdings including office, residential,
logistics, and hospitality investments. Marquee assets developed by
GTIS Partners in São Paulo include the Infinity office building and
Palácio Tangará, a five-star resort style hotel. For more
information, please visit www.gtispartners.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank