12/14/2016
Citizens Bank provides $90 million financing package to MassDevelopment for GE headquarters
Funds will be used to acquire land, renovate existing buildings
BOSTON – Citizens Bank announced today that Citizens Commercial Banking is providing a $90 million financing package that will allow MassDevelopment to fund the land acquisition and improvement of two buildings at the Boston property where GE will build its global headquarters. Citizens is the sole lender.
The 391,000-square-foot headquarters complex will be sited on a 2.5-acre campus facing Fort Point Channel. The headquarters will include two former Necco candy manufacturing warehouses, which GE plans to renovate. MassDevelopment will use the Citizens loan to acquire the site – which the Agency will lease to GE – and to help improve the buildings at 5 and 6 Necco Court and create public open space.
Separate from this transaction, GE is acquiring an adjoining parcel on which it will build a 12-story glass office building as part of the campus.
“GE’s decision to move its headquarters here has been a great boost to the City of Boston and the Commonwealth of Massachusetts, and our partnership with MassDevelopment is a testament to Citizens’ ability to deploy its expertise and lending power in a highly strategic way,” said Jerry Sargent, president of Citizens Bank, Massachusetts. “Citizens is very pleased to have been chosen as the strategic and financial partner on this historic transaction.”
Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.
For more information about 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 $147 billion in assets as of September 30, 2016. 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 wealth management, 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 as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
About MassDevelopment
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.
