06/11/2015
Citizens Bank provides $28 million commercial construction loan for Brooklyn mixed-use apartment complex
Jonathan Rose Companies project will include 123 rental units, ground floor retail and a community center
NEW YORK – Citizens Bank announced today that it has provided a $28 million apartment construction loan to the Jonathan Rose Companies for the Brooklyn Cultural District: Apartments (BCD:A) project.
The 11-story, mixed-use building will be at the corner of Lafayette Avenue and Ashland Place, across the street from the BAM Opera House, just south of the new Theatre for a New Audience (TFANA) and immediately adjacent to the Mark Morris Dance Center.
The project will consist of 123 rental apartments designed to accommodate a range of modern urban households. It will have approximately 21,400 square feet of cultural space and include a 2,800-square-foot of retail space for a flagship ‘wichcraft restaurant.
The Jonathan Rose Companies is a top tier developer of residential and affordable housing in New York City and across the nation.
“It was a real pleasure working with Citizens Bank on this financing,” said President Jonathan Rose. “The deal team at Citizens was very responsive, competitive and brought a number of great ideas to the table to help get this project closed.”
“Jonathan Rose Companies is a great client with an excellent business,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens Bank. “We are very pleased to help the Jonathan Rose management team achieve their strategic and financial goals.”
For more information on commercial construction loans, please go to 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 $136.5 billion in assets as of March 31, 2015. 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 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. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
