06/02/2016
Citizens Bank provides $31.9 million loan to The Dolben Company
Funds used to build 196-unit luxury apartment complex in North Andover
BOSTON – Citizens Bank announced today that it provided a $31.9 million construction loan to North Andover Holdings LLC, a joint venture between Woburn-based The Dolben Company and North Andover-based MINCO Development Corporation, to support the development of the 196-unit Berry Farms Apartments project at 10 Berry St. in North Andover.
The Dolben Company is a fifth-generation development and management company founded in 1929. Dolben currently manages approximately 15,000 units with a value of over $2.5 billion and has developed over 7,000 units.
Berry Farms Apartments will feature 196 luxury apartment homes on a 26-acre site in North Andover. The project was permitted under Massachusetts Chapter 40B, and consequently, 25 percent of the apartments will be offered at affordable rates to qualified residents. The community will consist of four residential apartment buildings and a free standing clubhouse.
“Citizens Bank’s Commercial Real Estate Finance team has been an excellent partner on this project,” said Deane Dolben, Principal of The Dolben Company. “This is our second deal with Citizens and Citizens’ bankers always have great ideas and the ability to execute transactions quickly and seamlessly.”
“The Dolben Company is a great client with a proven track record and a wealth of experience,” said Gary Magnuson, Executive Vice President and Head of Commercial Real Estate Finance at Citizens Bank. “We’re very happy to work with them and be able 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.
