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First Citizens Bank announced that CIT Northbridge Credit, guided by First Citizens Institutional Asset Management, provided a $75 million revolving credit facility to Cisco Equipment Rentals.
This Texas-based company specializes in equipment rentals, new and used sales, parts, and service. The credit facility will refinance and consolidate existing loans, supporting their growth-oriented business plan and restructuring efforts.
The financing aims to help Cisco diversity into new markets and sectors across Texas. Both companies expressed mutual satisfaction and optimism about the strategic collaboration and its impact on Cisco's market position.
Silicon Valley Bank (SVB), a division of First Citizens Bank, and Trinity Capital announced a $63 million warehouse facility for Denim, a fintech company supporting freight brokers. SVB's national fintech practice and Trinity Capital aim to enhance Denim's cash flow and operational capabilities, especially in a volatile market. The facility will help Denim's innovative payment platform simplify freight brokers' back-office operations, enabling them to focus on business growth. Leaders from both SVB and Trinity praised Denim's software suite for advancing the digitization of the freight and logistics market, expressing excitement about this partnership.
First Citizens Bank announced a $31.5 million financing deal with Jaclyn to purchase a new industrial warehouse and distribution center in Southern California. The facility, spanning over 233,000 square feet, will serve as the new West Coast hub for Jaclyn and its affiliates within the Golden Touch Group. CFO John Bang of Jaclyn praised First Citizens for their strategic partnership and expertise. Brendan Chambers, Head of Middle Market Banking at First Citizens, emphasized the bank's commitment to supporting Jaclyn's growth. Managing Director Sarah Warren highlighted the long-standing relationship between First Citizens and Jaclyn. The bank's Middle Market Banking division offers a variety of financial solutions to midsize clients.
First Citizens Bank announced a $74 million senior secured loan to Lonicera Partners for a 23-story, class A multifamily building in Downtown Brooklyn, NY. The property at 310 Livingston Street features 160 luxury apartments and over 8,600 sq ft of retail and amenity space. Lonicera Partners, a real estate development firm focused on residential projects in Brooklyn, has a well-regarded track record. First Citizens' Commercial Real Estate unit, which specializes in senior secured real estate financing, praised the ongoing partnership with Lonicera and highlighted the strategic value of the new development.
First Citizens Bank has announced a $24.5 million construction financing deal for the 121 Commerce Center, a new industrial property in Grapevine, Texas. The project, owned by an affiliate of GTIS Partners, will cover over 272,000 square feet and feature 36-foot ceilings, 54 truck doors, and more than 350 parking spaces. Strategically located near major highways and the Dallas-Fort Worth airport, construction has already begun, with completion expected by the end of the year. The project aims to support regional distribution needs, highlighting the collaborative efforts and expertise of both First Citizens and GTIS Partners.
First Citizens Bank's Energy Finance business has arranged over $150 million in financing for two Apex Clean Energy battery energy storage projects in Texas. The projects, Great Kiskadee Storage and Angelo Storage, each feature a 100MW/200MWh battery system and are currently under construction. Both are scheduled to begin operations by Q3 2024. Bank United also served as a co-lead arranger. Apex Clean Energy, established in 2009 and based in Charlottesville, Virginia, focuses on utility-scale renewable energy projects. First Citizens Bank highlighted the significance of battery storage for resilient and cost-effective renewable energy grids. The collaboration is expected to enhance future opportunities between the two companies.
Harness has announced a $150 million financing round with investments from Silicon Valley Bank and Hercules Capital. This funding will support expanding the Harness platform, adding new modules, integrating generative AI, and investing in go-to-market strategies. The company, which has seen its Annual Recurring Revenue (ARR) grow from $1 million to over $100 million in five years, aims to enhance developer productivity and reduce non-code-producing work.
Key milestones include 44 million code deployments in 2023, the introduction of generative AI assistant AIDATM, launch of four new product modules, and the addition of enterprise customers like Nike and NetApp. The financing will enable Harness to continue innovating and expanding its market-leading software delivery platform.
The 2024 Future of Climate Tech Report by Silicon Valley Bank reveals that climate tech has remained resilient despite a significant drop in overall venture capital (VC) fundraising. While VC fundraising and deal activity in 2023 declined by 24% from 2021, climate tech is only 14% below 2021 levels. The report notes increases in specific subsectors such as carbon tech and climate data. Despite a 50% decrease in invested capital, climate tech fundraising remains on par with 2020 levels, making up 11% of deals, a rise from 2% in 2020. Challenges include lower VC investment and higher interest rates, pushing companies to prioritize profitability. However, incentives like tax credits are driving growth in carbon capture and industrial heat technologies. The sector faces difficulties with public exits due to high interest rates and market uncertainties.
First Citizens Bank arranged a $260 million loan to refinance 12 skilled nursing facilities in Maryland, providing care to individuals needing rehabilitation or 24-hour medical attention. The borrower is a Midwest-based healthcare real estate investment company. The Healthcare Finance division of First Citizens specializes in providing financing solutions to middle market healthcare companies across the U.S.
First Citizens Wealth has launched new enhancements to its Private Investments capabilities, allowing qualified clients to invest in growth-oriented opportunities beyond public securities markets. These options provide access to private equity, real assets, and credit and debt for qualified institutions and high net-worth individuals without large capital commitments. The enhanced capabilities offer diversified private market sectors, customizable portfolio consultation, and full-service administrative support. While private investments offer growth potential and diversification, they also come with risks like less liquidity.
