Citizens Archives - VRJ Properties https://vrjproperties.com/tag/citizens/ Multifamily and Commercial Real Estate Investments Sat, 01 Feb 2025 05:59:16 +0000 en-US hourly 1 https://vrjproperties.com/wp-content/uploads/cropped-favicon-512x512-1-32x32.png Citizens Archives - VRJ Properties https://vrjproperties.com/tag/citizens/ 32 32 First Citizens Bank Provides $48M for MD Student Housing https://vrjproperties.com/first-citizens-bank-provides-48m-for-md-student-housing/ Fri, 31 Jan 2025 21:30:31 +0000 https://vrjproperties.com/first-citizens-bank-provides-48m-for-md-student-housing/ First Citizens Bank’s 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,...

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First Citizens Bank’s 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.

“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.



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]]> Tacoma Senior Facility Lands Refi From First Citizens Bank https://vrjproperties.com/tacoma-senior-facility-lands-refi-from-first-citizens-bank/ Fri, 14 Jun 2024 18:46:30 +0000 https://vrjproperties.com/tacoma-senior-facility-lands-refi-from-first-citizens-bank/ First Citizens Bank announced it provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Washington. The borrower is a joint venture led by Harrison Street, one of the leading investment management...

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First Citizens Bank announced it provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Washington.

The borrower is a joint venture led by Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55 billion in assets under management and consistently ranking among the top five largest owners in the senior housing sector across the United States. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator.

“Demand for high-quality senior living facilities remains strong in the Pacific Northwest and nationwide,” said William Douglass, head of First Citizens Healthcare Finance. “We were pleased to work closely with our clients on this transaction.

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