First Citizens Bank has provided $47.7 million in financing for the Aspen College Park student housing facility, owned by GTIS Partners, to support its modern amenities and strategic location near the University of Maryland.

Information on the Target

First Citizens Bank has facilitated a financing deal of $47.7 million for the Aspen College Park, a modern student housing facility located at the University of Maryland in College Park. This property, maintained by an affiliate of GTIS Partners and developed by Aspen Heights Partners, consists of 129 residential units totaling 432 beds and encompasses 136,135 rentable square feet. The facility is complemented by various community amenities, including a resort-style pool, tanning booth, 24-hour fitness center, study rooms, an on-site dog spa, game room, and lounge areas.

Scott Bordogna, Managing Director and Head of Asset Management at GTIS Partners, highlighted the strategic nature of Aspen College Park, stating its modern design effectively addresses the needs of the University of Maryland community. The successful financing arrangement with First Citizens not only aligns with GTIS’s objectives but also sets a solid foundation for the project's future.

Industry Overview in the Target’s Specific Country

The student housing sector in the United States, particularly in areas surrounding major universities such as the University of Maryland, has experienced significant growth in recent years. This growth is driven by an increasing stu