11/08/2016
Citizens Bank leads $73 million construction loan for East Boston luxury apartment complex
BOSTON – Citizens Bank announced today that Citizens Commercial Banking is leading a $73 million construction loan to Roseland, a subsidiary of Jersey City, N.J.-based Mack-Cali, to help finance construction of a luxury apartment community at Portside 5/6 in East Boston. Citizens is the lead agent and arranger.
Founded in 1992 and a subsidiary of Mack-Cali since 2012, Roseland has developed more than 40,000 multifamily units.
The Portside 5/6 project is a 235,078-square-foot, five-story luxury apartment development with 296 units and 253 garage parking spaces located on Marginal Street on the East Boston waterfront. It is the second phase of a larger development and construction is underway with estimated completion in December 2017. Citizens also provided construction financing for the first phase, an adjacent 181-unit luxury apartment community called Portside 7. Portside 7 was completed in 2014.
Portside 5/6 is a two-minute walk to the Maverick Blue Line T station. The property will feature individually controlled HVAC, in-unit washer/dryer, roller shades, tiled showers, quartz countertops, stainless steel appliances and wine coolers in select units. Common amenities include a spin bike studio, golf simulator, demonstration kitchen with private dining, media room, indoor pool w/ locker rooms, rooftop desk with barbecue grills, fire pit and lounge seating. There is also a dog run, 10.5-acre pier park, on-site ferry service, 18-hour concierge and dry cleaning services.
“Citizens Bank’s Commercial Real Estate Finance team has been a trusted and valued partner on this project,” said Gabriel B. Shiff, chief investment officer of Roseland. “Citizens’ bankers bring a wealth of experience and the ability to execute quickly and seamlessly.”
“This is an important project for Boston that contributes to the ongoing transformation of the East Boston waterfront and Roseland has been an excellent client for Citizens for many years,” said Gary Magnuson, executive vice president and head of commercial real estate finance at Citizens Bank. “Our real estate team enjoys working with Roseland and helping 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 $147 billion in assets as of September 30, 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 wealth management, 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
