07/12/2016
Citizens Bank provides $117.3 million loan for acquisition of San Jose office tower
Funds used by DivcoWest and Rockpoint Group for 17-story 50 West San Fernando
SAN JOSE – Citizens Bank announced today that Citizens Commercial Banking has provided a $117.3 million loan to 50 West San Fernando Owner LLC, a joint venture between DivcoWest and the Rockpoint Group, for the acquisition of a 17-story office tower in the heart of downtown San Jose.
The financing will also go toward future capital expenditures and leasing costs at the 353,527 square-foot, Class A multi-tenant property.
Citizens served as Lender, Administrative Agent and Sole Lead Arranger.
“We are very happy to partner with the teams at DivcoWest and Rockpoint Group on this deal and we look forward to continuing to work with them in the future,” said Gary Magnuson, Executive Vice President and Head of Commercial Real Estate Finance at Citizens Bank.
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 DivcoWest
DivcoWest was founded by Stuart Shiff, who founded DivcoWest Properties in 1993. DivcoWest is a vertically-integrated operating company with approximately 95 employees that provides asset, property and construction management and leasing services and has offices in the San Francisco Bay Area, Los Angeles, and Boston. DivcoWest is comprised of a dedicated group of professionals with extensive experience in sourcing, structuring, acquiring, financing, developing, redeveloping, managing, leasing and selling primarily commercial real estate and other real estate-related assets. DivcoWest employs a disciplined approach to investing on behalf of a broad base of U.S. and non-U.S. public and corporate pension funds, institutional investors and high net worth individuals, with a focus on creating value through prudent acquisitions, active management and well-timed sales.www.divcowest.com.
About Rockpoint Group, LLC
Rockpoint Group, L.L.C. is a real estate private equity firm headquartered in Boston, with additional primary offices in Dallas and San Francisco. Since 1994, Rockpoint’s founding Managing Members with others have sponsored twelve commingled funds and related co-investment vehicles, raising approximately $17 billion in capital commitments and investing approximately $13 billion of equity in over 375 transactions with a total capitalization of approximately $49 billion. Rockpoint employs a fundamental value approach to investing in both its opportunistic and lower-risk strategies and focuses on select product types and geographic regions, with a primary emphasis on opportunities in major coastal markets in the United States.
