CIT, a division of First Citizens Bank, announced that its Real Estate Finance business provided financing for the acquisition of the Morada Plano Apartments in Plano, Texas.

Built in 2019 and 2020, the Morada Plano Apartments is a 183-unit multifamily residential development located in a high-growth market in close proximity to major employers, transportation corridors and services.

The borrower is The Jacobson Company, a Los Angeles-based private real estate company with more than 50 years of experience in acquiring and operating investment properties throughout the Western United States.

“The residential market in Plano, Texas, has a bright future and the Morada Plano Apartments is well-positioned to support that growth,” said Larry Jacobson, President and CEO of The Jacobson Company. “We appreciated CIT’s expertise and agility in arranging financing for this acquisition.”

“The Jacobson Company is well-known for its successful real estate investments throughout the Western United States,” said Chris Niederpruem, Managing Director and Group Head for CIT’s Real Estate Finance business. “We were pleased to arrange this acquisition financing on their behalf and look forward to potential new opportunities to support their investments in the future.”

CIT's Real Estate Finance business, part of the Commercial Finance group, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.