07/08/2016
Citizens Bank provides $21.878 million loan for Durham Venture Center
Funds will be used to acquire and renovate vacant lab building in Research Triangle area
DURHAM, N.C. – Citizens Bank announced today that it is providing a $21.878 million loan to an affiliate of Longfellow Real Estate Partners to acquire and fund capital improvements to the Durham Venture Center, a vacant, 138,337-square-foot, single-story lab building.
The former GlaxoSmithKline lab is located on 14.25 acres at 4117 Emperor Boulevard in North Carolina’s Research Triangle area, one of the country’s top life science clusters.
“Citizens Bank’s Commercial Real Estate Finance team has been a great partner on this transaction,” said Adam Sichol, Managing Partner of Longfellow Real Estate Partners. “Citizens’ bankers bring great ideas, a wealth of experience and the ability to execute quickly and seamlessly.”
“Longfellow Real Estate Partners are smart developers with a high-quality portfolio,” said Gary Magnuson, Executive Vice President and Head of Commercial Real Estate Finance at Citizens Bank. “Our bankers enjoyed working with their team and we’re 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.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners serves the unique demands of science and technology companies and focuses on the most innovative cluster locations in the US. The firm acquires and develops facilities in strategic locations and builds long-term relationships with research-centric organizations including life science companies, universities, medical centers and research institutes. The principals of Longfellow have developed or acquired more than 5.0 million square feet of laboratory and high tech space over their careers including numerous high profile projects on the East Coast. The Company’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each tenant’s unique requirements.
