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.”