First Citizens Bank’s real estate finance business provided a $19.5 million construction loan for the development of Holbrook Logistics Center in Long Island, NY. The borrower, an affiliate of Eagle Cliff Real Estate Partners, is building a new 108,000-square-foot distribution center in the Long Island community of Islip, NY. The property is located near Long Island’s MacArthur Airport, with access to both the Long Island Expressway and Sunrise Highway.
“Demand for warehouse and distribution space in central Long Island is strong and this property has all the right characteristics to be successful,” Paul Teti, co-founder of Eagle Cliff Real Estate Partners, said. “We appreciated the expertise of First Citizens Real Estate Finance in arranging the construction financing to advance this important project.”
“We were pleased to work closely with our clients to develop a financial package that meets the needs of this project,” Chris Niederpruem, managing director and group head for real estate finance at First Citizens Bank, said.
“Eagle Cliff Real Estate Partners is well known and respected in the industry for their skill and experience in commercial real estate development,” Ted Dalton, managing director for real estate finance at First Citizens Bank, said. “We appreciated the opportunity to support them with this financing and look forward to more opportunities in the future.”
