12/11/2015
Citizens Bank provides $41.5 million commercial real estate financing for Worcester apartment complex
WORCESTER – Citizens Bank announced today that it has provided a $41.5 million construction loan to Roseland, a wholly owned subsidiary of Mack-Cali Realty L.P., to build a 237-unit apartment complex as the first phase of its development plans for a 4-acre site on Front Street at the intersection of Foster Street.
This first phase of the project will include 237 residential apartments. There will be approximately 12,000 square feet of indoor amenity space as well as a courtyard with a swimming pool, fire pit, BBQ grills and dog run.
“The Citizens Commercial Real Estate Finance team has been a great partner on this deal,” said Marshall Tycher, President of Roseland. “They bring great ideas and a wealth of experience in the Massachusetts market and are able to execute quickly.”
“We like this project and believe it helps meet a need for multifamily housing in Worcester,” said Gary Magnuson, head of commercial real estate finance for Citizens Commercial Banking. “Roseland is an extremely important client. We highly value their relationship, and we look forward to working with them on this project and in the future.”
At full build-out, the entire proposed Roseland project is expected to include two four- and five- story residential buildings with a total of 365 units, 402 parking spaces and approximately 11,200 square feet of street-level retail.
The project is part of a 12-acre master plan that will include a 150-room hotel (currently under construction), a recently completed 65,000-square-foot St Vincent Hospital medical facility, a recently completed 214,000-square-foot office tower occupied by Unum Insurance, as well as future parking garages, office space and street-level retail.
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 makes loans for multifamily, office, retail and industrial properties and selectively considers hospitality properties.
For more information about real estate financing options and more from Citizens, 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.
