NEW YORK, February 10, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its real estate finance business has funded the acquisition of the Morada Plano Apartments in Map, Texas.

Built in 2019 and 2020, Morada Plano Apartments is a 183 unit multi-family residential development located in a high growth market close to major employers, transportation corridors and services.

The borrower is The Jacobson Company, a Los Angelesprivate real estate company with over 50 years of experience in acquiring and operating investment properties across the US West.

“The residential market Map, Texashas a bright future and Morada Plano Apartments are well positioned to support this growth,” said Larry Jacobson, President and CEO of The Jacobson Company. “We appreciated CIT’s expertise and agility in arranging the financing of this acquisition.”

“The Jacobson Company is well known for its successful real estate investments across the US West,” noted Chris Niederpruem, Managing Director and Group Head of CIT’s Real Estate Finance business. “We were delighted to arrange this acquisition financing on their behalf and look forward to potential new opportunities to support their investments in the future.”

CIT’s Real Estate Finance business, part of the Commercial Finance group, originates and underwrites prime secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group offers financing for individual properties, real estate portfolios and loan portfolios.

About CIT

CIT is a division of First Citizens Bank, the largest family bank in United States, carrying on a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 U.S. financial institutions with more than $100 billion in assets. The Company’s Commercial Banking segment provides a wide range of premier lending, leasing and banking services to medium and small businesses coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring deep expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Find out more at cit.com/firstcitizens.

About the Jacobson Company

The Jacobson Company is a private real estate investment firm with a 50-year tradition of successfully acquiring and operating multi-family housing, student housing and commercial properties. The company is committed to providing its investors with superior risk-adjusted returns in the form of distributable cash flow, optimizing the operating performance of its assets and achieving appreciation over time, while remaining true to its membership to the unshakable ethical principles of Norman Jacobsonthe founder of the company.

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SOURCE CIT, a division of First Citizens Bank