Citizens Bank provides $33.75 million construction loan to Post Road Residential

Bloomfield, MA According to Citizens Bank, Citizens Commercial Banking provided a $33.75 million construction loan to Post Road Residential and its partner Carlyle Realty Partners VII, LP for the construction of the 215-unit multifamily Bloomfield Center project. Citizens is the sole lender.

Fairfield, CT-based Post Road focuses on multifamily housing along the I-95 corridor between Boston and New York City. Construction on Bloomfield Center, which is adjacent to the town hall, has already begun with delivery of the first units expected in early 2018.

“Citizens Bank’s Commercial Real Estate Finance team has been a great partner on this transaction,” said Andrew Montelli, founder and president of Post Road. “Citizens’ bankers bring great ideas, a wealth of experience and the ability to execute quickly and seamlessly.”

“Post Road Residential is a great new client for us. They are smart developers who bring innovative ideas to development and authentic homes to the community,” said Gary Magnuson, executive vice president and head of Commercial Real Estate Finance at Citizens Bank. “Our bankers enjoyed working with their team and we’re happy to help them achieve their strategic and financial goals.”

Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $20 million, focusing on building relationships with strong commercial real estate sponsors located in the bank’s market. Citizens makes loans for multifamily, office, retail, industrial and hospitality properties.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $145.2 billion in assets as of June 30, 2016. 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. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. 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 hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One.