CIT, a division of First Citizens Bank, announced that its Real Estate Finance business provided $51 million in financing for the acquisition of the Oceana Apartments in Avondale, Arizona.

Oceana Apartments, which was acquired by 29th Street Capital, consists of 240 one-bedroom, two-bedroom and three-bedroom units. Based in Chicago, 29th Street Capital is a leading investor, manager and developer of multifamily properties nationwide.

“We were pleased to add Oceana Apartments to our portfolio of top-tier multifamily residential properties in Arizona,” said Dusty Eddy, Senior Vice President of Acquisitions-Southwest for 29th Street Capital. “We appreciated CIT’s expertise and agility in arranging a financing package for our transaction.”

"29th Street Capital has an excellent reputation for multifamily investment and development with a multibillion-dollar portfolio of properties," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to arrange financing to for this acquisition."