02/04/2015
Citizens Bank provides $33.6 million construction loan for luxury apartment complex near University of Maryland, College Park
Project will include 235 luxury studio, one-bedroom and two-bedroom apartments
COLLEGE PARK, MD – Citizens Bank announced today that it has provided $33.6 million in senior construction financing for Monument Village at College Park West, a mixed-use project to include 235 luxury apartment units and 4,800 square feet of ground-floor retail space.
Located on Route 1 in College Park, Maryland, just north of the University of Maryland and south of I-495, the project will be five stories with a parking garage to accommodate 341 vehicles. Amenities will include a fitness center with dedicated spin and yoga rooms, an outdoor pool and grilling area, a club room with fireplace and pool table, a theater, a pet spa, a zen garden and a bicycle storage and repair room. A groundbreaking was held in late 2014 and construction is expected to be completed in 2016.
The borrower is a joint venture between Washington, DC-based Monument Realty and Develop-DC and Real Estate Capital Partners.
“The Citizens Commercial Banking team has been a great partner on a number of projects, including Monument Village at College Park West,” said Michael J. Darby, co-founder of Monument Realty. “They bring great ideas and a wealth of experience to any project and are able to execute quickly.”
“Monument Realty is an award-winning firm with a diverse real estate portfolio,” said Gary Magnuson, head of commercial real estate finance at Citizens Commercial Banking. “Our bankers enjoy working with Monument Realty and we’re happy to help Monument Village at College Park West become a reality.”
For more information about Citizens Commercial Banking, go to citizensbank.com/commercial.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. (NYSE: CFG) is one of the nation’s oldest and largest financial institutions, with $132.9 billion in assets as of December 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 3,200 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. Citizens Commercial Banking 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. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
