Citizens Bank provides $65 million construction loan for retail outlet center
Outlets of Des Moines will feature 65 stores in easy-to-access location
BOSTON – Citizens Bank announced today that Citizens Commercial Banking is providing a $65 million loan to NED Altoona LLC / New England Development to finance, in part, the construction of a 300,000 square-foot retail outlet center outside Des Moines, Iowa. Citizens is the sole lender.
Outlets of Des Moines – located six miles east of downtown Des Moines in Altoona, Iowa – will feature 65 stores and be located at the I-80 and U.S. Route 65 interchange. The site is adjacent to Bass Pro Shops and other well-known attractions such as Prairie Meadows, a thoroughbred racetrack and casino, and Adventureland, a regional amusement park. Outlets of Des Moines will open October 20, 2017.
Boston-based New England Development has more than 50 million square feet of retail, commercial, residential and hospitality space to its credit and has been in business for more than 35 years.
“Citizens has been a great strategic and financial partner on this project and we’ve worked with them closely for many years,” said Ken Leibowitz, executive vice president, acquisitions and finance, New England Development. “We appreciate their expertise and quick execution on transactions like this.”
“New England Development is a longtime client and we look forward to continuing to work with them on more projects in the future,” said Gary Magnuson, executive vice president and head of Commercial Real Estate Finance at Citizens Bank. “Providing construction loans is just one of the ways that Citizens can deliver value for clients.”
Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $20 million, focusing on building relationships with strong commercial real estate sponsors located in the bank’s market coverage. Citizens makes loans for multifamily, office, retail, industrial and hospitality properties.
Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.
For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $149.5 billion in assets as of December 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.