11/06/2019
Citizens Commercial Banking provides $138 million loan to DSC Partners for acquisition of 28 Maryland office and industrial buildings
PROVIDENCE, RI – Citizens Commercial Banking announced today that its Commercial Real Estate Finance team is providing a $138 million loan to Washington, D.C.-based DSC Partners, a real estate investment company founded in 2017 by former First Potomac Realty Trust executives, for the acquisition of 28 office and industrial buildings located in Montgomery County, MD. Citizens is Left Lead Bank and Administrative Agent.
The three office parks, previously owned by PS Business Parks, total 1.3 million square feet and consist of the MetroPark North campus in Rockville and the WesTech and Meadows business parks in Silver Spring. The properties include single- and multi-story office and flex buildings with tenants such as the U.S. government, MedStar Health, Children’s Hospital, Adventist Health Care, Intelligent Automation, Aetna, Netcom Technologies and Dealeron.
“Citizens’ Commercial Real Estate bankers are trusted partners who were ready to listen to us and help make this deal a reality,” said DSC Partners co-founder Doug Donatelli. “The Citizens team has deep knowledge of the commercial real estate landscape and their close attention to detail made for a seamless and timely execution.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Tim Leon, Executive Vice President of Commercial Real Estate for the Mid-Atlantic, Southeast and Southwest at Citizens Bank. “Providing acquisition and bridge loans is just one of the ways that Citizens delivers substantial value for our clients and our communities.”
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 $164.4 billion in assets as of September 30, 2019. 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.
