08/26/2015
Citizens Bank provides $31 million construction loan for Patterson Mansion renovation
Project will bring new ‘urban suites’ housing to Dupont Circle
WASHINGTON – Citizens Bank announced today that it has provided a $31 million construction loan for SB-Urban’s and Rooney Properties’ adaptive re-use of the historic Patterson Mansion on Dupont Circle into furnished studio apartments.
The 112-year-old Patterson Mansion is the sole remaining example of the grand mansions that once graced Dupont Circle in the nation’s capital. Once owned by Eleanor “Cissy” Patterson, this distinguished residence was a center of social life for the city’s newsmakers and influential citizens during the first half of the 20th century. In 1927, President Calvin Coolidge lived here while the White House was under renovation. It was also here that he welcomed Charles Lindbergh following his celebrated solo transatlantic flight.
“We are very pleased to have worked with Citizens on this transaction,” said SB-Urban President and Co-Founder Michael Balaban. “The commercial real estate team at Citizens brought a number of great ideas to the table and executed the new transaction seamlessly.”
“SB-Urban is a great client with an excellent business,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens. “We are very pleased to be able to help the SB-Urban team achieve their strategic and financial goals on this important historic project.”
The project will include both renovating the Patterson Mansion and building a new six-story structure adjacent to it, and will provide a total of 92 units.
For more information, 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 $137.3 billion in assets as of June 30, 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.
