11/22/2019
Citizens Commercial Banking provides $75 million construction loan for new hotel on Rose Kennedy Greenway in Boston
Funds will be used for 212-room Canopy by Hilton Hotel adjacent to Faneuil Hall Marketplace
PROVIDENCE, RI – Citizens Commercial Banking announced today that its Commercial Real Estate Finance team is providing a $75 million loan to Haymarket Parcel 9 Investors, LLC, whose sponsors are Boston-based CV Properties, New York-based Olshan Properties and Boston-based Harbinger Development, for the construction of a Canopy by Hilton Hotel on the Rose Kennedy Greenway in Boston. Citizens is Lead Left Arranger and Agent.
The six-story, 151,235 square-foot project will include a 212-room hotel, three street level retail spaces, a second-floor café, a fitness center and 1,600 square feet of meeting space.
CV Properties is led by Richard Galvin, who has more than 30 years of real estate experience and has been active in the Northeast while also developing urban properties in Dallas and Los Angeles. CV has been one of Boston’s most active developers over the past decade, creating more than 3.5 million square feet of new commercial space valued at more than $1.4 billion.
Olshan Properties, a 55-year-old family-run real estate enterprise, owns and/or operates a diverse portfolio of 9 million square feet of retail properties, 14,000 multifamily units, 1,447 hotel rooms and 3 million square feet of office buildings.
Harbinger Development is a privately financed real estate investment and development company based in Boston with investments also in Denver, CO. Since 2004, Harbinger has been active in the Boston market with direct involvement in over 1,865 hotel rooms in development, multi-family, retail and office projects.
“Citizens’ Commercial Real Estate bankers are trusted partners who were ready to listen to us and help make this project a reality,” said Richard Galvin of CV Properties. “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 Gary Magnuson, Head of Commercial Real Estate Finance at Citizens Bank. “Providing construction loans so our clients can build projects, provide jobs and strengthen our growing communities 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.
