03/28/2016
Citizens Bank leads $126.4 million construction loan for luxury apartment complex
Transit-oriented 494-unit Glendale project is largest in Los Angeles County in 2016
LOS ANGELES – Citizens Bank announced today that it has led a $126.4 million loan to developer Century West Partners for construction of Next On Lex, a six-story, 494-unit luxury apartment development in downtown Glendale.
Located at 201 West Lexington Drive, the project will also include 8,140 square feet of ground floor retail space. Apartments will feature luxury finishes and shared amenities will include a business center, yoga studio and fitness center, competition-sized pool and hot tubs, media room, game room, private massage room, party room and kitchen, sky lounge, landscaped rooftop deck and courtyard and multiple sun decks.
Construction on Next On Lex began this month and final completion is scheduled for Fall 2019.
Citizens Bank was Lead Arranger and Administrative Agent of the four-bank group.
Century West Partners, a Los Angeles-based developer of upscale transit-oriented apartment communities, is owned by the Fifield Companies and Cypress Equity Investments. Next On Lex is part of the company’s current $1.3 billion, 2,300-unit development pipeline. The venture is one of the most active multifamily developers operating in Los Angeles.
“Citizens Bank’s Commercial Real Estate Finance team has been a great partner on this important project,” said Steven Fifield, co-founder of Century West Partners. “Citizens’ bankers bring great ideas, a wealth of experience and the ability to execute transactions quickly and seamlessly.”
“We are seeing a lot of interest in multifamily development in urban areas for projects with great amenities that are convenient to transportation. Next On Lex checks all those boxes and is a very exciting project for the City of Glendale,” said Patrick T. Burns, Managing Director of Institutional Real Estate at Citizens Bank. “I’ve known Steve Fifield for many years and our bankers really appreciate Century West Partners’ expertise. 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.
