12/02/2015
Citizens Bank provides $56.5 million commercial real estate financing for Ballardvale Office Park in Wilmington
Office park owners Investcorp and Griffith Properties to refinance existing debt, invest in improvements for 550,000-square-foot office campus
BOSTON – Citizens Bank announced today that it has provided a $56.5 million commercial real estate loan to Investcorp and Griffith Properties to refinance existing debt and for ongoing repositioning of the 550,000-square-foot Ballardvale Office Park in Wilmington.
“The Citizens Commercial Real Estate Finance team has been a great partner on this deal,” said Ryan Bassett, Principal in Investcorp's Real Estate Group. “They bring great ideas and a wealth of experience in the Greater Boston market and are able to execute quickly.”
“We like how Investcorp and Griffith Properties are revitalizing this office campus,” said Gary Magnuson, head of commercial real estate financing for Citizens Commercial Banking. “Our bankers enjoyed working with their teams and we look forward to working more with them in the future.”
Citizens’ Commercial Real Estate Finance team provides individual loans of more than $15 million focusing on deals and sponsors in the bank’s 11-state footprint from Massachusetts to Michigan. The bank also funds deals outside the bank’s footprint with existing clients. Citizens’ commercial lending offers real estate financing for for multifamily, office, retail and industrial properties and selectively considers hospitality properties.
For more information about commercial real estate financing and other commercial lending options, visit 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 $135.4 billion in assets as of September 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.
