RALEIGH,
N.C., Nov. 2, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Commercial Real Estate
business provided $44 million in
construction financing to Greek Real Estate Partners ('GREP') — a
leading New Jersey-based,
vertically-integrated real estate firm focused on industrial
development — to build a Class A distribution center seven miles
north of Downtown
Philadelphia.
Located at 2121 Wheatsheaf Lane, the 287,000-square-foot
distribution center with 40-foot clear height ceilings will be
situated on a 21.25-acre lot in close proximity to key highways in
the Northeast, including I-95, I-76, the New Jersey Turnpike and
I-295.
Construction on the facility is expected to be completed in the
first half of 2025, with demolition on the site's existing
structures already underway.
"We appreciate the expertise and agility of First Citizens'
Commercial Real Estate team in providing financing for the
construction of this industrial building," said David Greek, managing partner at GREP. "The
facility will be an excellent fit for an array of companies, given
its unmatched location with access to the most densely populated
metropolitan areas on the East Coast."
"We're pleased to provide this financing to GREP, who has
a successful history of developing and operating industrial real
estate," said Chris Niederpruem,
group head for First Citizens Commercial Real
Estate. "We are excited to support this construction
project, and we look forward to assisting GREP in their future
endeavors."
"With our deep industry relationships, experience and market
expertise, we're pleased to advance GREP's goals by creating unique
construction financing tailored to meet their needs," said
Ted Dalton, a managing director of
First Citizens Commercial Real Estate Bank 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., and now celebrating the 125th
anniversary of its founding, 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 Greek Real Estate Partners
Greek Real Estate
Partners is a vertically integrated development company
specializing in industrial real estate. Since 1934, GREP has
completed over 30 million square feet of development projects and
has built an outstanding reputation for excellence in the
New Jersey and Pennsylvania industrial real estate markets.
Currently ranked the third largest Real Estate Developer in
New Jersey, the hallmarks of the
company are the long-term client relationships it has built and its
proven expertise. The company manages every phase of the
development process, including site selection, design,
construction, leasing, property management and tenant relations.
The company's team of experienced, in-house managers diligently
control all aspects of the development process culminating with
clients cutting the ribbon and taking occupancy. GREP manages a
portfolio encompassing over 20 million square feet in New Jersey and Pennsylvania.
MEDIA RELATIONS:
Lexa Tutela Losey
212-461-5305
Lexa.tutela@firstcitizens.com
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SOURCE First Citizens Bank