2026 First Citizens Bank Top CRE Funding Report

The Blue Chip Conference – Bears Division

Explore the benefits of First Citizens Bank for your commercial real estate financing needs.

Website: https://www.firstcitizens.com/commercial/solutions/real-estate

🏀 2026 SEASON (CURRENT)

Lender Name	Total Points	Deals Logged	Volume Drafted	Primary Asest Focus	Most Common Loan Term	Primary Loan Type	Top States	Pace Score	Wins	Losses
Bank OZK	98	5	$853,100,000	Condo (3), Multifamily, Industrial	Construction loan (5)	Construction (5)	Florida (2), Pennsylvania, New York, California	0.33	2	TBD
European Investment Bank	85	4	$925,520,000	Industrial/Biorefinery, Shore Power Infrastructure, EV Charging Infrastructure, Wind Farm	15 years (1)	Construction (2)	Italy, Netherlands, Estonia, Spain	0.27	TBD	TBD
Mitsubishi UFJ Financial Group (MUFG) - Commercial RE	265	13	$3,930,177,778	Solar (4), Geothermal (2), BESS/Storage (2)	Construction-to-term / Non-recourse senior secured	Construction (8)	Louisiana (3), Utah (2), Chile, Japan, Spain, India	0.87	1	TBD
Wells Fargo - Commercial RE	571	24	$6,392,550,000	Office (7), Industrial (5), Multifamily (5), Mixed-Use (3), Hotel/Casino, Data Centers, Energy/LNG, Retail	5-year fixed-rate (3); 2-year floating-rate (2), floating-rate (2), construction loan (2)	Refinance (12), Acquisition (4), Construction (4), Bridge (2), Credit Facility, CMBS Refinance	New York (12), Texas (2), California (2), Virginia (2), Florida (2), Illinois (2)	1.5	1	1
Bank of Montreal (BMO) - Commercial RE	171	9	$1,329,000,000	Industrial (5), Multifamily (2), Data Centers, Retail	2-year floating-rate (2); construction loan (1), fund-level revolving (1)	Acquisition (4), Refinance (3), Construction, Credit Facility	Georgia (3), Florida (2), Virginia, New Jersey, Nevada, Texas	0.56	1	TBD
Deutsche Bank - Commercial RE	244	12	$2,726,870,000	Office (7), Multifamily (2), Energy/LNG, Hotel, Life Sciences	5-year fixed-rate (2); 2-year floating-rate (1), construction financing (1), CMBS conduit (1)	Refinance (8), Construction (2), CMBS Refinance	New York (5), California (2), Ireland, Washington, Delaware, Louisiana	0.75	1	TBD
First Citizens Bank - CRE	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
JP Morgan - Commercial RE	445	22	$7,051,238,096	Office (6), Industrial (3), Multifamily (2), Mixed-Use (2)	5-year, fixed-rate (3)	Refinance (5), CMBS for Refinance (5), Construction (4), Acquisition (4), Bridge for Refinance, Senior Loan + Mezzanine, Revolving Credit Facility	New York (6), Texas (2), California (2), Florida (2), Pennsylvania (2), Louisiana	1.31	3	TBD
Sumitomo Mitsui Banking Corporation (SMBC) - Commercial RE	147	4	$1,004,790,000	Energy Infrastructure (3: geothermal, HVDC, BESS), Data Centers, Multifamily, Renewable Energy	Green loan (1), construction-to-term (1), floating-rate (1)	Construction (5), Refinance	Japan, Canada, India, Portugal, New York, Utah	0.38	1	1
BNP Paribas	68	4	$521,481,762	Industrial, Agrivoltaic/BESS, Solar PV/BESS, Retail/Mall	2-year floating-rate (2)	CMBS for Refinance (2), Commercial Real Estate (2)	Italy, Chile, Florida, California, Georgia, Texas	0.25	TBD	TBD
Citigroup - Commercial RE	209	11	$2,190,404,762	Industrial (3, incl. Data Centers), Office (3), Multifamily (2), Retail (2)	5-year (3)	CMBS for Refinance (5), Refinance (3), Acquisition (2)	Florida (4), New York (3), Georgia (3), Texas (2), Virginia, Arizona	0.69	1	TBD
Morgan Stanley - Commercial RE	204	10	$3,832,443,333	Retail (3), Office (2), Industrial/Data Center (2)	2-year floating-rate with extension options (3)	Refinance (5), CMBS for Refinance (2), CMBS for Acquisition	New York (3), Virginia (2), Texas (2), Multiple States, Ireland	0.63	3	TBD
Santander Bank - Commercial RE	146	6	$1,168,871,633	Solar/BESS/Energy Storage (7), Multifamily (2)	Construction (4)	Refi (1), Construction (8)	Chile, Portugal, Peru, United Kingdom, California, Texas	0.56	1	1
Truist Bank - Commercial RE	64	4	$283,000,000	Multifamily (4)	N/A	Permanent loan, Construction (2), Refi	New Jersey, New York (2), D.C.	0.5	1	1
Bank of America - Commercial RE	307	14	$2,971,404,762	Office (5), Industrial (3), Energy/Geothermal (3), Retail (2)	2-year floating-rate (3)	Construction (4), Refinance (3), CMBS for Refinance (3), Acquisition (2)	New York (4), Florida (2), Virginia (2), Texas (2), California (2), Utah (2)	0.88	3	TBD
Goldman Sachs - Commercial RE	347	17	$3,862,750,000	Office (6), Mixed-Use (2), Hotel (2), Industrial (2), Retail (2)	5-year, fixed-rate (4)	CMBS for Refinance (6), Refinance (5), Construction (2), Revolving Credit Facility	California (3), New York (3), Virginia (3), Florida (2), Texas, Louisiana	1.06	2	1
ING Groep NV - Commercial RE	168	9	$1,597,212,833	Energy/Solar (6), Energy Storage (2), Office (1)	Non-recourse senior secured credit facilities (2); Construction-to-term (2)	Construction (7), Construction and Term (1), Refinance (1)	Louisiana (2), Pennsylvania, California, Texas, Italy, Romania	0.56	1	TBD
KeyBank	79	5	$768,200,000	Energy/Solar (3), Energy Storage (1), Senior Living (1)	7-year fixed (1 — Brookdale); Construction-to-term (1 — rPlus)	Construction (3), Refinance (2)	Idaho (2), Colorado	0.31	TBD	TBD
Natixis - Commercial RE	107	5	$1,693,166,667	Energy/Solar (2), Energy Storage (2), Energy/LNG, Retail	Construction-to-term / senior secured facilities (2)	Construction (4), Refinance	Texas, California, New York, Louisiana, Peru	0.31	TBD	TBD
Barclays - Commercial RE	175	11	$1,919,601,429	Industrial/Data Center (2), Office (2), Energy (2), Mixed-Use/Retail (2), Multifamily (2)	5-year (3)	Refinance (4), Acquisition (3), Construction (2)	Virginia (2), Louisiana, Utah, Pennsylvania, Maryland, United Kingdom	0.69	1
ACORE Capital	19	1	$160,000,000	Industrial	2-year floating-rate; 3×1-year extensions	Bridge	Texas, Maryland, Georgia, Pennsylvania, Illinois, Arizona	0.07	TBD	TBD
Affinius Capital	84	8	$921,628,000	Multifamily (6), Office, Student Housing	Floating-rate	Refinance (5), Acquisition (2), Construction	New York (3), Pennsylvania (2), California, Florida, United Kingdom	0.53	1	TBD
Barings	67	3	$861,400,000	Mixed-Use (Hotel to Residential Conversion), Mixed-Use (Retail + Condominium), Industrial	N/A	Construction (2), Refinance	New York, California, Tennessee	0.75	TBD	1
Brookfield	37	2	$739,000,000	Multifamily (2)	Three-year bridge (only stated term)	Refinance, Bridge	New York (2)	0.13	TBD	TBD
S3 Capital	24	2	$78,750,000	Mixed-Use Residential, Multifamily	TBD	Construction (2)	New Jersey, South Carolina	0.13	TBD	TBD
Berkadia	27	2	$110,942,000	Multifamily (2)	Freddie Mac	Acquisition (2)	Virginia, Wisconsin	0.5	TBD	TBD
Dwight Capital/Dwight Mortgage Trust	121	8	$497,500,000	Multifamily (6), Mixed-Use, Condo	HUD 221(d)(4) (2), HUD 223(f) (2)	Refinance (4), Construction (3), Bridge	New York (2), New Jersey (2), Texas, Florida, Utah, California	0.53	2	TBD
Greystone	92	6	$482,374,222	Multifamily (6)	24-month bridge with extension options (2)	Bridge for Refinance (2), Refinance (2), Acquisition, Construction/Rehabilitation	Illinois (2), North Carolina (2), New York, Mississippi	0.38	4	TBD
Madison Realty Capital	49	6	$703,550,000	Condominium (3), Hotel/Mixed-Use, Multifamily, Self-Storage	Construction completion 2027-2028 (2)	Construction (3), Condominium Inventory Loan, Bridge for Refinance, Acquisition	New Jersey (2), New York, Florida, Tennessee, Multiple States	0.38	1	TBD
Nuveen	99	7	$1,144,600,000	Multifamily (5), Office/Lab, Hotel	C-PACE (Full stack capitalization), 5-year floating-rate loan	C-PACE for construction (4), C-PACE for refinance, Acquisition (permanent financing)	Texas (2), Florida, Arizona, Pennsylvania, Philadelphia, D.C. (2)	1.16	1	1
Blackstone - Commercial RE	58	2	$10,223,000,000	Industrial, Data Center	Bridge Loan	Acquisition, Construction	Gerogia, Florida, New Jersey, Texas, Pennsylvania, Australia	0.33	TBD	TBD
Corebridge	12	1	$46,000,000	Multifamily (Mixed-Use)	5-year; nonrecourse; interest rate in low 5% range	Refinance	New York	0.125	TBD	TBD
MonticelloAM	69	5	$312,800,000	Healthcare (Skilled Nursing) (5)	Bridge loan (3), 36-month (2) + 2x 6-month ext	Refinance (2), Acquisition (3)	Florida, Illinois (2), South Carolina, Pennsylvania	0.625	3	TBD
Peachtree Group	54	4	$181,400,000	Hotel (2), Multifamily, Film Studio	C-PACE, 3-year bridge loan, 3-year floating-rate	C-PACE for construction, Construction (2), C-PACE for Refi	North Carolina (2), Ohio, Georgia	0.57	1	TBD
Tyko Capital	29	1	$410,000,000	Condominium	TBD	Construction	Florida	0.25	TBD	TBD
Apollo Global Management	147	6	$2,476,480,000	Industrial, Office, Multifamily (Conversion), logistics, industrial , Hotel	Senior secured financing across three separate loan facilities, Floating-rate debt, 36-month SOFR floating; Mezzanine fixed	Bridge for refinance, Construction (3), Refinance, Acquisition	New York (3), North Carolina, UK, Germany, Netherlands, Spain, Ireland, Poland	0.75	2	1
Ares Real Estate Management	52	2	$1,550,000,000	Casino/Entertainment, Multifamily	TBD	Construction, Refinance	New York (2), Illinois	0.33	TBD	TBD
New York Life	12	1	$35,700,000	Retail	5-year term with interest-only payments for full term	Bridge for refinance, Construction (2), Refinance	California	0.25	TBD	TBD
PGIM Real Estate	64	3	$549,435,000	Industrial, Mixed-Use, Retail (grocery)	Fixed and floating rate components	Acquisition, Refi (2)	Florida, California, Texas, Massachusetts, Germany	0.375	2	1
Starwood Property Trust	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Deutsche Bank - Growth Cap	41	2	$3,015,000,000	TBD	Revolving credit facility	Acquisition, Working Capital	Spain, Switzerland	0.5	TBD	1
HSBC	67	3	$2,003,000,000	TBD	MIGA-guaranteed; Climate-linked conditions, 95% covered buyer credit guarantee, Put option arrangement with exit path in three years with certain returns	Growth Capital	Chile, France, Sweden	0.6	TBD	TBD
JP Morgan - Growth Cap	175	11	$6,068,250,000	TBD	4-year loan with 2 6-month extension, SOFR plus 77.5 bps & 15 bps facility fee, Term loan (3 year loan with 1-yr extension & SOFR plus 85 bps), 2 years with three 1-year extension options, Revolving facility due February 2030 with two six-month extension options, 7-year Term Loan, 5-year revolving credit facility	Revolving Credit Facility (2), Senior Secured Revolver (3), Acquisition Credit Facility, Unsecured Term Loan (2)	New York (2), Texas (2), New Jersey, Illinois (2), California (2), Canada	1.375	2	1
Natixis - Growth Cap	15	1	$1,500,000,000	TBD	Three-year construction warehouse revolving credit facility with $500M accordion	Construction Warehouse Revolving Credit Facility	Texas	0.2	TBD	TBD
PNC Bank	102	7	$4,250,000,000	TBD	4-year loan with 2 6-month extension-SOFR plus 77.5 bps & 15 bps facility fee, Term loan (3 year loan with 1-yr extension-SOFR plus 85 bps), 5 years-matures 1/15/2031-SOFR + 1.15% to 1.65% depending on leverage, Three-year construction warehouse revolving credit facility with $500M accordion	Revolving Credit Facility, Five-Year Unsecured Term Loan, Unsecured Term Loan (5), Construction Warehouse Revolving Credit Facility	New York, Washington, Illinois (2), Texas, Florida, California	1.4	1	TBD
Bank of America - Growth Cap	49	3	$4,938,250,000	TBD	4-year loan, 4-year loan with an option for two 6-month extensions or one 12-month extension, SOFR plus 77.5 bps, 15 bps facility fee, Term Loan: Initial maturity January 31, 2029 with two 1-year extensions, SOFR plus 85 bps, Three-year construction warehouse revolving credit facility with $500M accordion	Revolving Credit Facility; Unsecured Term Loan, Construction Warehouse Revolving Credit Facility	Canada, New York, Texas	0.6	TBD	TBD
Barclays - Growth Cap	57	3	$3,550,000,000	TBD	N/A	Senior Secured Green Revolving Loan and Letter of Credit Facility, Senior Secured Corporate Credit Facility	Pennsylvania, Texas, Spain	0.75	TBD	TBD
Goldman Sachs - Growth Cap	82	4	$2,950,000,000	TBD	6% interest rate with AMD guarantee	Acquisition, Senior Secured Credit Facility, Loan with Equipment Guarantee	Spain, Nebraska, Connecticut, California	0.5	TBD	TBD
Santander Bank - Growth Cap	79	4	$5,150,000,000	TBD	MIGA-guaranteed; Climate-linked conditions, Long-term optimisation agreement with guaranteed minimum income level providing downside protection, Three-year construction warehouse revolving credit facility with $500M accordion	Senior Secured Corporate Credit Facility, Acquisition, Construction Warehouse Revolving Credit Facility	Pennsylvania, Chile, Spain, Texas	0.8	1	TBD
Sumitomo Mitsui Banking Corporation (SMBC) - GC	79	4	$1,712,400,000	TBD	Senior Secured Green Revolving Loan and Letter of Credit Facility, 3-year availability period; 5-year tenor; partial guarantee from EIFO, Put option arrangement with exit path in three years with certain returns, 5-year Revolving Credit Facility	Senior Secured Green Revolving Loan (2) and Letter of Credit Facility, Senior Secured Corporate Credit Facility	Texas, Denmark, Sweden, Louisiana	0.5	1	1
Citigroup - Growth Cap	95	5	$7,191,250,000	TBD	5-year loan, 4-year loan (secured to unsecured), 95% covered buyer credit guarantee, 5-year Interest at base rate, Term SOFR, EURIBOR	Acquisition (2), Growth Capital (2), Senior Secured Revolving Credit Facility	Canada, Spain, Florida, France, Texas	0.71	1	TBD
Huntington Bank - Growth Cap	69	5	$1,220,000,000	TBD	5 years, matures 1/15/2031; SOFR + 1.15% to 1.65% depending on leverage, Revolving facility with two six-month extension options (2)	Five-Year Unsecured Term Loan, Commercial Aircraft Engine Acquisition Facility, Unsecured Credit Facility (Revolver + Term Loans) (2), Revolving Credit Facility (2)	Washington, Illinois, California, Florida, Colorado	0.833	1	TBD
Morgan Stanley - Growth Cap	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Mitsubishi UFJ Financial Group (MUFJ) - Growth Cap	12	1	$150,000,000	TBD	5-year loan	Debt Financing	Florida	0.2	TBD	TBD
Truist Bank - Growth Cap	34	2	$1,050,000,000	TBD	2 years with three 1-year extension options, 4 years revolving credit facility with two six-month extension options (Pricing grid based on leverage ratio plus SOFR, 10-15 bps lower than prior debt)	Acquisition Credit Facility, Unsecured Credit Facility (Revolver + Term Loans)	New Jersey, Florida	0.4	TBD	TBD
Bank of Montreal (BMO) - Growth Cap	31	2	$2,618,250,000	TBD	Term loan under Softwood Lumber Program	Growth Capital (2)	Canada (2)	0.4	TBD	TBD
Canadian Imperial Bank of Commerce (CIBC)	49	3	$4,165,425,000	TBD	4-year loan (secured to unsecured), Three-year construction warehouse revolving credit facility with $500M accordion, Initial 3-year term with consecutive 1-year extension (prime rate + .75%)	Acquisition, Construction Warehouse Revolving Credit Facility, Growth Capital	Canada (2), Texas	0.42	1	1
ING Groep NV - Growth Cap	68	4	$3,403,000,000	TBD	Three-year construction warehouse revolving credit facility with $500M accordion, 95% covered buyer credit guarantee	Senior Secured Corporate Credit Facility, Senior Secured Green Revolving Loan and Letter of Credit Facility, Construction Warehouse Revolving Credit Facility, Growth Capital	Pennsylvania, Texas (2), France	0.8	1	TBD
Royal Bank of Canada	80	5	$5,093,250,000	TBD	4-year loan (secured to unsecured), 3-year loan with two one-year extension options; SOFR plus 85 bps; interest-only payments, Three-year construction warehouse revolving credit facility with $500M accordion, 2-year loan with potential 90-month extension	Acquisition, Refinance & Growth Capital, Construction Warehouse Revolving Credit Facility, Senior Secured Credit Facilities	Illinois, Canada (2), Texas, New York, Louisiana	0.625	2	TBD
Wells Fargo - Growth Cap	113	7	$6,313,250,000	TBD	4-year loan (secured to unsecured), 3-year loan with two one-year extension options; SOFR plus 85 bps; interest-only payments, with one-year extension option; SOFR plus 85 bps; interest-only payments, Three-year construction warehouse revolving credit facility with $500M accordion, Revolving facility with two six-month extension options	Acquisition, Refinance (2), Growth Capital (2), Construction Warehouse Revolving Credit Facility, Unsecured Credit Facility (Revolver + Term Loans)	Illinois (2), Canada, New York, Texas, California	1.4	1	TBD
Blue Owl Capital	24	1	$1,400,000,000	TBD	TBD	Delayed-Draw Term Loan	Germany	0.16	TBD	TBD
Comvest Partners	19	1	$130,000,000	TBD	TBD	Senior Secured Credit Facility	California	0.125	TBD	TBD
MidCap Financial	16	2	0	TBD	Revolver with accordion feature; term loan; delayed draw term loan	Senior Secured Credit Facility (Revolver), Senior Secured Credit Facility (Revolver + Term Loan + DDTL)	Colorado, California	0.4	1	TBD
Mountain Ridge Capital	8	1	$15,000,000	TBD	Revolving facility maximizing availability against working capital assets	Senior Secured Credit Facility	Midwest	0.25	TBD	TBD
SLR Credit Solutions	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Blackstone - Growth Cap	29	1	$600,000,000	TBD	TBD	Growth Capital	India	0.14	TBD	TBD
Hercules Capital	12	1	$25,000,000	TBD	4-year loan with three tranches up to $75M milestone-based, final $25M at Hercules discretion	Growth Capital	California	0.25	TBD	TBD
Monroe Capital	74	7	$100,000,000	TBD	Prime plus 3.75% (currently 10.50%); 60-month term with amortization at month 36 (or month 48 if milestones met)	Senior Secured Term Loan (6), Debt Financing + Equity Co-Investment	Delaware, New York, Michigan, Illinois, Florida (2), Iowa	0.875	4	TBD
SG Credit Partners	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Stellus Capital Management	16	2	Undisclosed	TBD	TBD	Senior Debt Financing and Equity Co-Investment (2)	Viriginia, Tennessee	0.4	1	TBD
HPS Investment Partners	29	1	$500,000,000	TBD	Four-year secured term loan, SOFR + 675 basis points	Secured Term Loan	New York	0.2	1	TBD
NXT Capital	24	2	Undisclosed	TBD	TBD	Senior Credit Facility	Pennsylvania (2)	0.25	TBD	TBD
Siena Lending Group - GC	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Trinity Capital	27	2	$83,915,000	TBD	Commitment structure	TBD	United Kingdom	0.25	TBD	TBD
Wingspire Capital	36	3	$120,000,000	TBD	N/A	Senior Secured Revolving Credit Facility	Florida	0.66	1	1
Ares Management - Growth Cap	67	2	$4,000,000,000	TBD	TBD	M&A, Debt Facility	New Jersey, Colorado	0.33	1	TBD
Encina Private Credit	15	1	$75,000,000	Consumer lease-to-own contracts	Senior credit facility secured by diversified pool of small balance lease-to-own contracts	Senior Credit Facility	TBD	0.25	TBD	TBD
Great Rock Capital - GC	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
KKR	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Whitehawk Capital Partners	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Advantage Business Capital	8	1	$1,000,000	Invoices	TBD	Invoice Factoring Facility	TBD	0.16	TBD	TBD
First Citizens Bank - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Gibraltar Business Capital	8	1	0	TBD	TBD	Senior Secured Facility	TBD	0.25	TBD	TBD
nFusion Capital	24	3	$13,000,000	Accounts receivable and inventory, Inventory	TBD	Asset-Based Lending Facility (2), Factoring Line	Colorado, California, Arizona	0.42	3	TBD
Culain Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
First Business Bank	32	4	$12,200,000	Vehicle inventory, Accounts Receivable	Factoring facility	Credit Facility, Inventory Floorplan, Factoring Facility (2)	Hawaii, Pennsylvania, Virginia	0.57	1	TBD
Great Rock Capital - ABL	49	3	$340,000,000	Accounts receivable and best-in-class machinery and equipment (2)	TBD	Senior Secured Revolver (3)	Pennsylvania	0.5	TBD	TBD
Rosenthal Capital Group	16	2	$4,000,000	Accounts receivable (2)	TBD	Recourse Factoring Facility (2)	California, Michigan	0.25	TBD	TBD
Ares Commercial Finance	12	1	$175,000,000	Accounts receivable; Machinery & equipment	TBD	Senior Secured Revolving Credit Facility	TBD	0.16	TBD	TBD
Sallyport Commercial Finance	8	1	$2,000,000	Accounts receivable	TBD	Accounts Receivable Facility	Canada	0.5	TBD	TBD
SLR Healthcare ABL	8	1	$7,000,000	TBD	TBD	Asset-Based Revolving Line of Credit	Northeast	0	TBD	TBD
Utica Equipment Finance	8	1	$11,000,000	Heavy equipment (trucks, trailers, dozers, excavators, graders, loaders, turf-farm machinery)	TBD	Capital Lease	Mid-Atlantic	0.25	TBD	TBD
Amerisource Business Capital	16	2	$9,000,000	Accounts receivable (2), commercial real estate	A/R Only Facility, Asset-Based Lending Facility	Asset-Based Lending Facility, A/R Only Facility	Midwest US, Texas	0.5	TBD	TBD
King Trade Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
MidCap Business Credit	24	3	$31,000,000	Accounts receivable (2), inventory (2), machinery and equipment, Distributor of specialty chemicals and materials	Working capital revolver and machinery/equipment term loan	Working Capital Revolver (2), Machinery and Equipment Term Loan, Asset-Based Credit Facility	TBD	0.75	TBD	TBD
White Oak Commercial Finance	15	1	$35,000,000	Various assets across UK and U.S. platforms (multi-currency facility)	$20M uncommitted accordion feature; structured in USD, GBP, EUR	ABL Revolver Facility	Texas	0.125	TBD	TBD
Loeb Equipment	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Prestige Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
JPalmer Collective	32	4	$15,000,000	Inventory (2)	Line of credit with flexible structure	Line of Credit (2), Debt Facility, Working Capital Facility (Asset-Based)	California, Oregon, New York, Georgia	0.8	1	TBD
Austin Financial Services	8	1	$10,000,000	TBD	TBD	TBD	TBD	0.2	0	1
eCapital	40	5	$31,500,000	Accounts receivable (2), Freight receivables (2)	ABL facility with advances against accounts receivable and inventory	A/R Financing Facility (3), Freight Factoring Facility (2)	Canada, Massachusetts	1	1	TBD
Porter Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Siena Lending Group - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Gateway Trade Funding	15	2	$500,000	Purchase orders (letter of credit-backed), Inventory	Letter of credit-backed	Purchase Order Facility (2)	TBD	0.33	TBD	TBD
Republic Business Credit	47	6	$23,000,000	Accounts receivable (3)	Ledgered line of credit, Includes $10 million accordion feature, Accordion up to $6M with $2M inventory lending option after 6 months upon meeting performance thresholds	Ledgered Line of Credit, Factoring Facility (3), Asset-Based Loan (2)	Northeast US, Southwest US, Midwest US, California, West Coast	0.75	2	TBD
SLR Business Credit	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
TAB Bank	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Alpine Ridge Funding	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Celtic Capital	23	3	$4,320,700	Accounts receivable (3)	AR Line (2), Equipment Loan (2)	Accounts Receivable Line of Credit (2), Equipment Loan	Pacific, South-Central US, California	0.375	TBD	TBD
Clarus Capital	8	1	$10,000,000	Essential use assets (medical transportation vehicles)	Loan facility for sponsor-backed company	Loan Facility	TBD	0.25	TBD	TBD
Gordon Brothers	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Assembled Brands	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
MidCap Financial - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Southstar Capital	75	10	$14,500,000	Invoices (4), Accounts receivable (5)	Accounts receivable (3), Flexible structure; potential payment assurance arrangements	Accounts Receivable Facility (7), Invoice Factoring Facility (3)	SouthEast US (2), Midwest, Indiana	1.25	3	TBD
Wintrust Equipment Finance	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
The Hedaya Capital Group	24	3	$11,000,000	Accounts receivable (2)	Factoring facility	Factoring Facility (3)	Texas, New Jersey, New York	0.42	1	TBD
Sigma Funding	15	2	$2,600,000	Accounts receivable (2)	TBD	Accounts Receivable Funding Facility (2)	California, Florida	0.28	TBD	TBD
Capteris	12	1	$25,000,000	New and existing assets acquired over past year	TBD	Lease Facility	TBD	0.5	TBD	TBD
Baker Garrington	38	5	$5,750,000	Accounts receivable (4)	Factoring facility	Factoring Facility (5)	Colorado, Oklahoma, Indiana, Louisiana, Texas	0.625	TBD	TBD

Tale of the Tape (YTD 2025)

Total Points: 140
Deals Logged: 18
Volume Drafted: $3.47 Billion*
Primary Asset Focus: Healthcare (5) | Energy/Solar (3) | Medical Office (2)
Primary Loan Type: Refinance (5) | Construction (5) | Acquisition (4)
Top States: Arizona (4), Georgia (2), Maryland (2), Nevada (2), Texas (2), New York
Win-Loss-Draw: 2-1-9

Week	Opponent	Result	Score & Top Deal	Top Deal Source
12	Truist Bank	Draw	0-0 (No Decisive Deal)
11	KeyBank	Loss	0-10 ($75M Development Loan Multiple Cities on the East Coast)
10	Bank OZK	Draw	0-0 (No Decisive Deal)
9	Deutsche Bank	Draw	0-0 (No Decisive Deal)
8	JP Morgan	Win	21-0 ($338M Maryland)	Link to Deal
7	European Investment Bank	Draw	0-0 (No Decisive Deal)
6	Truist Bank	Draw	0-0 (No Decisive Deal)
5	KeyBank	Draw	0-0 (No Decisive Deal)
4	Bank OZK	Win	7-0 ($41.1M Houston, TX)	Link to Deal
3	Deutsche Bank	Draw	0-0 (No Decisive Deal)
2	JP Morgan	Draw	0-0 (No Decisive Deal)
1	European Investment Bank	Draw	0-0 (No Decisive Deal)

*Indicates a syndicated loan. Per “The Lead Arranger & The Syndicate Rule”, scoring is based on the lender’s specific allocation or lead arranger status. See The Rulebook for details.

LENDER OVERVIEW

First Citizens Bank is a publicly traded national banking franchise headquartered in Raleigh, North Carolina, operating as the primary subsidiary of First Citizens BancShares, Inc. Founded in 1898, First Citizens Bank has evolved from a single-county agricultural lender into one of the 15 largest banks in the United States. The bank maintains over 500 branches across 23 states and has remained under the control of the Holding family for three generations. In commercial real estate, First Citizens Bank functions as a balance-sheet lender with sector-specific expertise in healthcare, energy infrastructure, and medical office properties. Their positioning sits between regional banks constrained by concentration limits and non-bank lenders chasing yield — First Citizens Bank underwrites large, complex CRE transactions with the stability of deposit funding and the flexibility of a family-controlled institution.

Headquarters: Raleigh, North Carolina
Founded: 1898
Ownership: Public company (Nasdaq: FCNCA), Holding family controlled
Primary Focus: Commercial real estate, with healthcare and energy infrastructure specialization
Typical Deal Size: $192.8M

2025 PERFORMANCE SUMMARY

First Citizens Bank finished the 2025 Lender Draft season with a 2-1-9 record, demonstrating limited competitive activity and a highly selective approach. The record reveals a capital deployment strategy oriented toward off-market, negotiated transactions rather than competitive auctions. Nine draws signal bilateral deal structures or syndication participations where First Citizens Bank served as lead arranger rather than sole lender. The single loss came in Week 11 against KeyBank, a rare instance where First Citizens Bank competed head-to-head and was outbid — their typical pattern avoids this entirely.

Total Deals Logged: 18
Total Capital Deployed: $3.47 Billion
Win-Loss-Draw Record: 2-1-9
Win Percentage: 16.7%
Primary Asset Focus: Healthcare (5), Energy/Solar (3), Medical Office (2)
Top States: Arizona (4), Georgia (2), Maryland (2), Nevada (2), Texas (2), New York

The pattern shows capital preservation discipline through Q3 and Q4, with just two deals logged after August. First Citizens Bank deployed 83% of annual volume ($2.88B) in the first eight months, then went silent through fall. This signals either portfolio concentration limits kicking in or deliberate capital rationing ahead of year-end. Their healthcare focus isn’t diversification — it’s thesis-driven sector betting, with skilled nursing facilities, medical office buildings, and post-acute care representing distinct but related asset classes.

DEAL FLOW ANALYSIS

Deal Size Range: Deals range from $18.6M to $338M. The portfolio splits into two bands: sub-$75M healthcare and medical office deals ($18.6M–$74M), and mega-deals above $200M ($270M, $338M). There is no middle market. First Citizens Bank either underwrites small-balance healthcare real estate or writes nine-figure checks for portfolio acquisitions.
Geographic Focus: Arizona leads with four deals, followed by two-deal clusters in Georgia, Maryland, Nevada, and Texas. The June multi-state deal spanned Idaho, Oregon, Washington, Montana, and Arizona — a 30-facility healthcare portfolio that required interstate coordination. First Citizens Bank operates nationally but concentrates firepower where healthcare operators are consolidating regional footprints.
Industry Patterns: Healthcare dominates with skilled nursing facilities, medical office buildings, and post-acute care portfolios appearing in 11 of 18 deals. Energy and battery storage (3 deals) represents the second concentration. Mixed-use multifamily appears once. First Citizens Bank is not a generalist CRE lender — they fund two asset classes with institutional tailwinds: aging demographics (healthcare) and grid decarbonization (energy storage).
Loan Structures: Refinances and construction loans each appear five times; acquisitions appear four times. The construction deals finance energy infrastructure (battery storage) and multifamily development. Refinances target healthcare real estate, often replacing prior bank debt. First Citizens Bank’s underwriting accommodates development risk in energy and stabilized-asset refinancing in healthcare — different risk profiles, same thesis-driven approach.
Asset Types: Skilled nursing facilities, medical office buildings, post-acute care campuses, battery storage projects, mixed-use multifamily
Deal Purposes: Acquisition financing for healthcare portfolios dominates, followed by refinancing existing medical office debt and funding battery storage construction. The refinance deals don’t rescue distressed borrowers — they replace restrictive bank covenants with more flexible terms. First Citizens Bank positions as the upgrade lender for healthcare operators outgrowing regional banks.
Specific Example: In October, First Citizens Bank closed a $338M acquisition loan for Autumn Lake Healthcare to purchase 12 skilled nursing facilities with over 1,500 beds across Maryland. The deal represents First Citizens Bank’s largest 2025 transaction and demonstrates their appetite for double-digit facility portfolios in the post-acute sector — exactly the type of concentration-heavy deal regional banks can’t hold on balance sheet.
Transaction Velocity: Average deal gap is 16 days. Velocity peaks in Q2 and Q3 (April–August) with near-weekly closings, then collapses in Q4 with just one deal logged between September and year-end. The velocity drop doesn’t correlate with deal size — large and small deals both disappeared in fall. First Citizens Bank operates on a quota system or seasonal capital budget that exhausts mid-year.

Strategic Insight

First Citizens Bank’s healthcare concentration isn’t industry preference — it’s regulatory arbitrage. The June multi-state portfolio deal ($270M across 30 facilities in five states) and the October Maryland skilled nursing acquisition ($338M, 12 facilities) both exceed the concentration limits most regional banks face under OCC guidance on CRE exposure. First Citizens Bank’s $221 billion balance sheet absorbs these deals as portfolio diversifiers, not concentration risks. Their competitors aren’t non-bank lenders (who can’t offer relationship banking) or regional banks (who hit concentration ceilings at $100M). First Citizens Bank occupies the white space between them — large enough to hold $300M healthcare portfolios, small enough to close without syndication committees.

IDEAL BORROWER PROFILE

The ideal borrower for First Citizens Bank, based on verified 2025 activity, is a healthcare real estate operator or energy infrastructure developer executing a regional or multi-state portfolio acquisition, requiring $75M–$350M in debt, and seeking a balance-sheet lender who can close bilaterally without syndication drag.

Competitive Positioning Insight

First Citizens Bank’s deal timing reveals a fiscal-year capital allocation model that competitors can exploit. Their activity collapses after August — just one deal in the final four months — while total volume deployed through August hit $2.88B (83% of annual total). This isn’t market-driven; it’s internal budgeting. Regional banks and non-bank lenders should target Q4 healthcare and energy deals that First Citizens Bank would have funded in Q2. Their capital window closes mid-year, creating a September–December opportunity for competitors to capture deals First Citizens Bank originated but can’t execute. Borrowers who miss First Citizens Bank’s spring underwriting cycle face six-month delays unless they switch lenders.

STRATEGIC INTELLIGENCE BY AUDIENCE

FOR BORROWERS

Capital Window Concentration: First Citizens Bank deployed 83% of 2025 volume before September, then went nearly silent through year-end. If you’re planning a Q4 closing, you’re either getting deferred to January or losing the deal to a competitor. Their capital allocation runs on a fiscal budget that exhausts mid-year.
Action: Submit healthcare and energy infrastructure deals in Q1 or Q2 when First Citizens Bank’s pipeline is open and approval velocity is highest. If your timeline forces a fall closing, identify backup lenders before approaching First Citizens Bank — their Q4 activity suggests capital is already committed by August.
Timing: For multi-property healthcare portfolios, engage First Citizens Bank in January or February to secure commitment before their mid-year capital depletion. Single-asset medical office deals can wait until March or April, but anything requiring construction financing should be locked by May to avoid their late-summer slowdown.

FOR BROKERS

Portfolio-Only Healthcare Appetite: First Citizens Bank funded zero single-facility healthcare deals in 2025. Every healthcare transaction involved multi-property portfolios (12-facility skilled nursing, 30-facility post-acute, 2-property medical office). They won’t compete for one-off assisted living or memory care deals where relationship banks dominate.
Action: Pitch First Citizens Bank exclusively for healthcare portfolio acquisitions above $50M or multi-state energy infrastructure projects. Don’t waste credibility on single-asset medical office deals — their underwriting committee won’t even review them. Position them against life companies and CMBS when your client needs speed and relationship flexibility.
Strategy: Use First Citizens Bank’s Q4 capital drought as a competitive wedge. When healthcare operators approach you in September or October seeking financing, route them to lenders with active fall pipelines. Save First Citizens Bank for Q1 and Q2 deals where their balance sheet capacity and approval speed create competitive advantages over slower institutional lenders.

FOR RIVAL LENDERS

Q4 Abandonment Creates Market Share Opportunity: First Citizens Bank logged one deal between September and December after deploying $2.88B through August. Their fiscal-year capital budget exhausts mid-year, leaving Q4 healthcare and energy deals orphaned. Borrowers who spent Q2 and Q3 cultivating First Citizens Bank relationships face delays or re-trading when their capital window closes.
Action: Target healthcare operators and energy developers in August and September who mention First Citizens Bank as their primary lender. Their mid-year capital depletion creates a natural handoff point where borrowers must either delay closing or switch lenders. Position your institution as the Q4 execution alternative that First Citizens Bank cannot provide.
Defense: If competing against First Citizens Bank in Q1 or Q2, emphasize year-round capital availability and execution certainty. Their seasonal allocation model creates closing risk for borrowers with flexible timelines — highlight your ability to fund in any quarter without internal budget constraints that force delays or re-trades.

FOR ANALYSTS & FUNDS

Healthcare Real Estate as Consolidation Signal: First Citizens Bank’s concentration in skilled nursing and post-acute portfolios (seven deals totaling $666M) signals institutional capital chasing sector consolidation ahead of demographic tailwinds. The October $338M skilled nursing deal and June $270M post-acute portfolio represent bets on private equity-backed operators rolling up fragmented regional markets before Medicare rate reforms arrive.
Observation: First Citizens Bank’s healthcare exposure is a leading indicator for private credit funds entering post-acute real estate. Their willingness to hold $300M+ single-borrower concentrations suggests return expectations above traditional CRE spreads — likely SOFR + 300-400 bps. Funds targeting healthcare real estate should track First Citizens Bank’s Q1 2026 deployment for signals on which MSAs and operator profiles are attracting institutional leverage.
Strategy: Monitor First Citizens Bank’s energy infrastructure deals (battery storage, solar) for grid-scale project finance trends. The $74M Galveston County battery project indicates bank balance sheets are now comfortable holding construction risk on utility-scale storage — a shift from 2023 when tax equity and project finance funds dominated. If First Citizens Bank maintains this exposure into 2026, it confirms banks are competing directly with infrastructure funds for energy transition assets.

STOP PITCHING BLIND. START WINNING WITH CUSTOMIZED MARKET INTELLIGENCE.

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