First Citizens Bank Provides $48M Loan For Acquisition Of Dunson Grove Apartments In Davenport Florida

The Dunson Grove apartment community in Davenport, Florida has been acquired through a $48 million senior secured loan provided by First Citizens Bank's Real Estate Finance group. This loan will finance the acquisition of the property which comprises 319 residential units. The apartment community is located in a suburb of Orlando, Florida and offers immediate access to Interstate 4, as well as proximity to job opportunities in healthcare, distribution, and tourism industries.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $48,000,000
• Units: 319
• Market: Davenport
• Lender: First Citizens Bank - Real Estate Finance
• Loan Type: Acquisition Loan
• Lender Representatives: Chris Niederpruem & Mike Pedone

Chris Niederpruem & Mike Pedone from First Citizens Bank's Real Estate Finance played a key role in facilitating this acquisition loan for the Dunson Grove apartment community in Davenport, Florida. This multifamily property presents an excellent investment opportunity, given its strategic location with easy access to Interstate 4 and its proximity to various job sectors such as healthcare, distribution, and tourism.