First Citizens Bank Provides $40M Loan For Tampa Apartment Complex Development

The construction of Evelyn City Lofts, a 245-unit apartment complex in Tampa's Seminole Heights, will be financed by a $40 million loan provided by First Citizens Bank. The property, developed by Grandview Partners and Crosland Southeast, is located at 6907 North Nebraska Avenue and is classified as a Development Site. It will feature affordable units, as well as amenities such as a parking garage and swimming pool.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $40,000,000
• Lender: First Citizens Bank
• Landlord: Grandview Partners - Rajesh Menon; Crosland Southeast - Peter Pappas
• Date: 07/18/2023
• Market: Tampa

In this deal, First Citizens Bank has taken on the role of lender, providing the necessary funding for the construction of Evelyn City Lofts. The project is a collaboration between two companies, Grandview Partners and Crosland Southeast, who will jointly develop the apartment complex. The loan will enable the development to offer affordable housing options to residents, along with convenient amenities including a parking garage and swimming pool.