06/02/2016
Citizens Bank leads $75 million loan to build high-rise apartment complex in Chicago
Funds will be used to acquire land and for construction of 300-unit West Loop project
CHICAGO – Citizens Bank announced today that it has led a $75 million loan to Related Midwest to finance the land acquisition and the development of a 30-story, 466,000 square-foot mixed-use apartment and retail complex at 1035 W. Van Buren St. in Chicago’s West Loop neighborhood.
Citizens was Lead Left Arranger and Administrative Agent on the transaction with SunTrust as Joint Lead Arranger.
Upon completion, 1035 W. Van Buren will offer views of the downtown skyline, 300 apartment units, 30,000 square feet of amenity space, 12,000 square feet of retail space and 330 parking spaces. The property will offer convenient access to public transit, the University of Illinois-Chicago, Rush University Medical Center and the new Google regional office center, as well as jobs throughout the West Loop and central business district.
Related Midwest, the Chicago office of Related Companies, is a pre-eminent developer of luxury condominium and rental homes, master-planned, mixed-use and affordable housing.
“Related Midwest is an award-winning developer with a high-quality multifamily portfolio and this is a very exciting project,” said Patrick T. Burns, Executive Vice President and Managing Director for Institutional Real Estate at Citizens Bank. “Our bankers enjoyed working with the Related Midwest team and we’re very happy to help them achieve their strategic and financial goals.”
Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $20 million, focusing on building relationships with strong commercial real estate sponsors located in the bank’s market coverage. Citizens makes loans for multifamily, office, retail, industrial and 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 $140.1 billion in assets as of March 31, 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 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.
