02/16/2016
Citizens Bank provides $107.28 million construction loan to Questar Properties
Funds used to build Inner Harbor apartment tower at former McCormick Spice warehouse site
BALTIMORE – Citizens Bank announced today that it has provided a $107.28 million loan to developer Questar Properties for construction of a new 44-story, 394-unit luxury apartment tower at 414 Light Street, former site of the McCormick Spice warehouse.
Citizens was lead arranger on the loan to longtime client Questar Properties.
“The Citizens Commercial Real Estate Finance team has been a great partner on this transformative project,” said Stephen Gorn, president of Questar Properties. “They bring great ideas, a wealth of experience in the market and are able to execute transactions successfully.”
“Questar Properties is an innovative, award-winning developer with a high-quality multifamily portfolio and this is a very exciting project for the City of Baltimore,” said Tim Leon, Executive Vice President for the Mid Atlantic Region. “Our bankers appreciate Questar’s expertise and we’re very happy to help them achieve their strategic and financial goals.”
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 $138.2 billion in assets as of December 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 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 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.
