- Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
- 1st Commercial Credit, LLC Completes $7 Million Factoring Facility for Temp-Staffing Agency
- Alleon Announces $2,000,000 Medical AR Financing Facility to a NJ-Based Mental Health Disorders and Substance Abuse Center
- Billor Secures a $330 Million Credit Line and Equity Investment from Leste Group to Accelerate Expansion
- MidCap Financial Closes $36.35mm Senior Secured Credit Facility to Vulcan Metals
First Citizens Bank Provides $47.7 Million to GTIS Partners for Student Housing Facility in College Park, Maryland
January 29, 2025
Source: First Citizens Bank
NEW YORK — Jan. 29, 2025 — First Citizens Bank announced that its Commercial Real Estate business has provided $47.7 million for Aspen College Park, a student housing facility at the University of Maryland in College Park.
Owned by an affiliate of GTIS Partners and developed by Aspen Heights Partners, the facility is located at 4205 and 4206 Knox Road. It offers 129 units with a total of 432 beds and 136,135 rentable square feet and features various community amenities, including a resort-style pool and tanning booth, a 24-hour fitness center, study rooms, an on-site dog spa, game room and lounge areas.
“Aspen College Park is a modern student housing development strategically located to serve the University of Maryland community,” said Scott Bordogna, Managing Director and Head of Asset Management at GTIS Partners. “We appreciate the expertise and collaboration of the First Citizens Commercial Real Estate team in arranging financing that aligns with our needs and supports the success of this project.”
“GTIS Partners has a proven track record of delivering high-quality, purpose-built properties that meet the evolving needs of their markets,” said Chris Niederpruem, group head for First Citizens Bank Commercial Real Estate.
“We are pleased to support their vision for Aspen College Park and look forward to collaborating with them on future opportunities,” said Juan Vives, a managing director in the Commercial Real Estate group. “We were especially pleased to again work with GTIS Partners, as we have on multiple prior transactions, and we look forward to continuing our long-term relationship.”
First Citizens Commercial Real Estate originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides 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 and a member of the Fortune 500™. 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 started in 2005 and is managed by President and Founder Tom Shapiro and seven partners. The firm manages $4.7 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 U.S., GTIS has invested in over 222 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 in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel.