First Citizens Bank announced that its Commercial Real Estate business has provided $47.7 million for Aspen College Park, a student housing facility at the University of Maryland in College Park.
 
Owned by an affiliate of GTIS Partners and developed by Aspen Heights Partners, the facility is located at 4205 and 4206 Knox Road. It offers 129 units with a total of 432 beds and 136,135 rentable square feet and features various community amenities, including a resort-style pool and tanning booth, a 24-hour fitness center, study rooms, an on-site dog spa, game room and lounge areas.
 
“Aspen College Park is a modern student housing development strategically located to serve the University of Maryland community,” said Scott Bordogna, Managing Director and Head of Asset Management at GTIS Partners. “We appreciate the expertise and collaboration of the First Citizens Commercial Real Estate team in arranging financing that aligns with our needs and supports the success of this project.”
 
“GTIS Partners has a proven track record of delivering high-quality, purpose-built properties that meet the evolving needs of their markets,” said Chris Niederpruem, group head for First Citizens Bank Commercial Real Estate.
 
“We are pleased to support their vision for Aspen College Park and look forward to collaborating with them on future opportunities,” said Juan Vives, a managing director in the Commercial Real Estate group. “We were especially pleased to again work with GTIS Partners, as we have on multiple prior transactions, and we look forward to continuing our long-term relationship.”