11/03/2017
Citizens Bank Provides $11.7 Million Loan for Acquisition of Five Industrial / Flex Buildings in Naaman’s Creek Business Center
PHILADELPHIA – Citizens Bank announced today that Citizens Commercial Banking has provided an $11.7 million loan to SSH Real Estate for the acquisition of a five industrial/flex buildings totaling 191,000 square feet in the Naaman’s Creek Business Center in Boothwyn. The loan was used to purchase the buildings and will also provide funds for minor capital improvements. Citizens is the sole lender.
The buildings are located at 7 Creek Parkway, 9 Creek Parkway, 12 Creek Parkway, 23 Creek Circle and 25 Creek Circle and range in size from 25,000 square feet to 60,000 square feet. The portfolio is 90 percent occupied with various service-related and life-science tenants and stands to benefit from the $62.7 million improvement project to Route 322, which fronts the property.
SSH Real Estate is one of the largest privately held commercial real estate companies in the Philadelphia region with three operating divisions: brokerage, property management and investments. The company focuses on acquiring commercial buildings in the Mid-Atlantic metro markets from Philadelphia to Washington, D.C. In addition to their investment portfolio, the company also manages over 6 million square feet in Greater Philadelphia.
“We greatly value our partnership with Citizens Bank and appreciate the Commercial Real Estate team’s excellent ideas and seamless deal execution,” said Greg Muller, partner and COO. “This is our first partnership with Citizens and we look forward to continuing to work with the team in the future.”
“Acquisition financing is just one of the ways that the Commercial Real Estate team is helping clients such as SSH Real Estate,” said Gary Magnuson, head of Commercial Real Estate for Citizens Bank. “This deal highlights Citizens’ strong commitment to Philadelphia and to helping commercial clients reach their potential.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
For more information, please go to 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 $151.4 billion in assets as of September 30, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
