01/21/2020
Citizens Commercial Banking provides $53 million loan to National Development’s 7INK
Project at Ink Block, former Boston Herald site, will be Boston’s first co-living residence
PROVIDENCE, RI – Citizens Commercial Banking announced today that its Commercial Real Estate Finance team is providing a $53 million loan to National Development for the construction of 7INK, a 180-unit co-living residential project at the Ink Block development in Boston’s South End. Citizens is the sole lender.
7INK brings one of the country’s newest apartment trends, co-living, to Boston. Located at Ink Block, a seven-building award-winning mixed use development, the project is a 14-story signature building featuring fully furnished studios, one-bedroom apartments and shared suites.
As housing costs have climbed, the co-living concept has gained popularity in New York, San Francisco and Washington, D.C., with the number of U.S. co-living units projected to increase to more than 10,000 by 2021. Co-living tenants enter into individual lease agreements in exchange for fully furnished private bedrooms, shared community space and building services such as social programming, cleaning and utilities. 7INK will be owned and managed by National Development with service provided by Ollie, a New York-based national leader in co-living.
“Citizens’ Commercial Real Estate bankers are trusted partners who were ready to listen to us and help make this project a reality,” said Tom Alperin of National Development. “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 is just one of the ways that Citizens delivers substantial value for our clients and our communities.”
Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $25 million, focusing on building relationships with strong commercial real estate sponsors. Citizens provides loans for multifamily, office, retail, industrial and hospitality properties.
For more information, please go to the Citizens Commercial Real Estate website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $165.7 billion in assets as of December 31, 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.
