12/05/2012
RBS Citizens leads financing of Rockville Town Center project
Transformational mixed-use project to be completed in early 2015
Rockville, MD (December 5, 2012) – RBS Citizens is leading a $67.1 million senior loan syndication to finance the first phase of the Rockville Town Center project, which is being developed by Duball Rockville, a joint venture between Duball, LLC, the real estate development and investment firm, and CIM Urban Real Estate Fund.
An additional $4.2 million in financing has been provided by the City of Rockville and Montgomery County.
The 15-story, transit-oriented project will bring 263 residences, 600 parking spaces, 17,000 square feet of street level retail space and a 140-room Cambria Suites Hotel to the heart of downtown Rockville. The project also provides immediate proximity to the Rockville Metro station and MARC train station and is located less than 8 miles from Washington, DC.
Groundbreaking on the project took place in late November with completion of the project expected in early 2015.
“RBS Citizens is excited to be playing an important role in a project that will change the streetscape and skyline of Rockville for generations to come,” said Tim Leon, Regional Manager, Commercial Real Estate for RBS Citizens. “This project will generate both revenues and economic activity during and after construction that will greatly benefit Rockville and its surrounding communities.”
“The Rockville Town Center project is the latest of a number of significant mixed-use projects that we have in development,” said Marc Dubick, President of Duball, LLC. “We are excited to have broken ground on this project and to pursuing additional opportunities in the Metro-DC market.”
Duball is developing several major real estate projects in the region including a mixed-use residential development with a state-of-the-art Safeway grocery store at the Petworth Metro station, Lionsgate, a mixed-use luxury condominium project near the Bethesda Metro station, and the Foxhall Ridge luxury home community, adjacent to Georgetown in Washington, DC.
About RBS Citizens Financial Group, Inc.
RBS Citizens Financial Group, Inc. is a $129 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has more than 1,400 branches, approximately 3,700 ATMs and approximately 18,940 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has non-branch retail and commercial offices in more than 30 states. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG’s website is citizensbank.com.
About Duball,
Duball, LLC is a real estate development and investment firm specializing in development and asset optimization for exceptionally located real estate within the Washington metropolitan region. Duball is presently developing several major regional projects and is aggressively pursuing additional development and value-add opportunities. Duball maintains partnerships with several institutional and private investors.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland.
