08/01/2014
Citizens Financial Group Provides $95 Million in Commercial Real Estate Financing for Comstock Partners’ BLVD at Reston Station Apartment Tower
Building atop final stop of the new Silver Line metro station in Reston is inaugural phase of significant mixed-use development
BOSTON, MA (August 1, 2014) – Citizens Financial Group (CFG) today announced $95 million in commercial real estate financing for Comstock Partners’ development of BLVD at Reston Station, a 21-story, 448-unit apartment building atop the entrance of the Wiehle-Reston East Metro Station in Reston, Virginia.
BLVD at Reston Station will be the inaugural phase of the Reston Station mixed-use development that is slated to include 550,000 square feet of Class A office space, a 200-room hotel and an additional multi-family residential building. All buildings will have integrated retail and will be situated around an urban plaza at the Wiehle-Reston East Metro Station, which is the last stop on Phase I of the new Silver Line.
“We enjoyed working with Citizens’ experienced commercial real estate team and they were able to put together a great deal,” said Comstock Partners’ Chief Financial Officer Chris Guthrie. “The BLVD at Reston Station project received significant interest from lenders as it is a best-in-class development opportunity with institutional sponsorship, but Citizens’ bankers demonstrated their knowledge of the market and were able to bring the best ideas to the table.”
“It was great to work with a top developer such as Comstock Partners and to support a transit-oriented project that will bring jobs and growth to the area,” said Tim Leon, regional director of commercial real estate financing at Citizens Financial Group. “Our commercial real estate team has been very active and we are working on a wide range of deals in the D.C. area and in other markets.”
Providence-based Citizens Financial Group announced in June that it will be changing the name of its commercial banking division from RBS Citizens to Citizens Commercial Banking later this year. For information on commercial lending and how the team at Citizens can help you reach your business and community growth goals, visit their website or speak to a Relationship Manager at 1-877-220-0491.
About Citizens Financial Group
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $126.9 billion in assets as of March 31, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective 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 via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Addit ional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
