06/04/2018
Citizens Bank Provides Three-Year Bridge Loan to Transwestern Development Co.
Funds will be used to refinance construction loan for Houston office project
HOUSTON – Citizens Bank announced today that Citizens Commercial Banking has provided a three-year bridge loan to refinance the existing construction loan on Westway Plaza, a 315,000-square-foot, fully leased, Class A office building developed by Houston-based Transwestern Development Co. (TDC®). The LEED® Gold-certified office building at Clay Road and the Beltway on approximately 9 acres was delivered in 2015 and is anchored by General Electric. Citizens is the sole lender.
TDC develops office, industrial, multifamily, mixed-use and healthcare projects throughout the United States as part of the Transwestern family of companies, which provides real estate services, development and investment management out of 35 U.S. offices.
“We greatly value our new partnership with Citizens Bank and appreciate the Commercial Real Estate team’s excellent deal execution,” said Ashley Grigsby, Managing Director, Capital Markets, TDC. “The Citizens team took time to understand our long-term goals and create a solution that supports our objectives here in Houston and nationwide.”
“Refinancing construction loans is just one of the many ways that the Commercial Real Estate team is helping great clients such as Transwestern Development Company,” said Patrick T. Burns, Executive Vice President and Managing Director, Institutional Real Estate, Citizens Bank. “This deal highlights Citizens’ commitment to helping our Commercial clients reach their potential.”
Citizens is a trusted strategic and financial adviser, 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 $153.5 billion in assets as of March 31, 2018. 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 3,300 ATMs and approximately 1,150 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.
