First Citizens Bank 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 known as 310 Livingston in Downtown Brooklyn, New York.
“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.
