Citizens Commercial Banking provides $90 million financing to MassDevelopment for GE headquarters

Boston, MA According to Citizens Bank, Citizens Commercial Banking is providing a $90 million financing package that will allow MassDevelopment to fund the land acquisition and improvement of two buildings at the property where GE will build its global headquarters. Citizens is the sole lender.

The 391,000 s/f headquarters complex will be sited on a 2.5 acre campus facing Fort Point Channel. The headquarters will include two former Necco candy manufacturing warehouses, which GE plans to renovate. MassDevelopment will use the Citizens loan to acquire the site – which the agency will lease to GE – and to help improve the buildings at 5 and 6 Necco Court and create public open space.

GE headquarters - Boston, MA

Separate from this transaction, GE is acquiring an adjoining parcel on which it will build a 12-story glass office building as part of the campus.

“GE’s decision to move its headquarters here has been a great boost to the city of Boston and the Commonwealth of Massachusetts, and our partnership with MassDevelopment is a testament to Citizens’ ability to deploy its expertise and lending power in a highly strategic way,” said Jerry Sargent, president of Citizens Bank, Massachusetts. “Citizens is very pleased to have been chosen as the strategic and financial partner on this historic transaction.”

Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.