03/28/2019
Citizens Commercial Banking leads $91 million financing for DivcoWest to acquire Midtown Manhattan building
PROVIDENCE, RI – Citizens Commercial Banking announced today that its Commercial Real Estate Finance team is leading a $91 million loan for DivcoWest, a vertically integrated real estate operating company with offices in San Francisco, Los Angeles, Boston, Washington, D.C., and New York, to acquire a 15-story, 192,000 square-foot, boutique office property located at 311 West 43rd Street in the Hell’s Kitchen neighborhood of Manhattan’s Midtown West.
Known locally as the Press Building, the property was once named The Scribner Building and provided printing, plate making, typesetting and binding for some of the most famous novels by Ernest Hemingway, F. Scott Fitzgerald and Stephen King, among others.
“Citizens’ Commercial Real Estate bankers are trusted partners who deliver valuable advice,” said Ariel Aber, Senior Director at DivcoWest. “The Citizens team’s knowledge of the commercial real estate landscape and their close attention to detail made for a seamless transaction.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Sean Randall, Team Leader and Senior Vice President at Citizens Bank. “Providing acquisition loans is just one of the ways that Citizens delivers substantial value for our clients.”
Citizens is a trusted strategic and financial partner, 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 $160.5 billion in assets as of December 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 2,900 ATMs and approximately 1,100 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.
