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First Citzens Arranges $66M Financing for Redmond Development

First Citizens Arranges $66M Financing for Redmond Development

First Citizens Bank Real Estate Finance group, part of the CIT division, has served as lead arranger on $65.7 million in financing to MainStreet Property Group, for the development of The Spark Apartments, a 211-unit, Class A multifamily project in Redmond, WA. “We appreciate the guidance and financing provided by CIT,” said MainStreet CFO Jackie Hizzey.

The Spark Apartments, situated in an “urban forest”, features quartz countertops, stainless steel balconies and AC in the units. Community amenities will include an edible garden, artist studio and fitness center. With a focus on sustainability, the project is targeting LEED Platinum and Fitwel certifications with a rooftop solar system.

“MainStreet Property Group has a strong track record of development experience in Redmond and surrounding areas,” said CIT’s Chris Niederpruem. “We are committed to advising our clients with groundbreaking solutions, and value the opportunity to partner with MainStreet as they grow and evolve within this space.”


Inside The Story

First Citizen Bank Real Estate Finance GroupCITMainStreet Property Group

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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