News: Front Section
Posted: December 16, 2016
Citizens Commercial Banking leads $73 million construction loan for Roseland
East Boston, MA According to Citizens Bank, Citizens Commercial Banking is leading a $73 million construction loan to Roseland, a subsidiary of Jersey City, N.J.-based Mack-Cali, to finance construction of a apartment community at Portside 5/6. Citizens is the lead agent and arranger.
Founded in 1992 and a subsidiary of Mack-Cali since 2012, Roseland has developed more than 40,000 multifamily units.
The Portside 5/6 project is a 235,078 s/f, five-story luxury apartment development with 296 units and 253 garage parking spaces located on Marginal St. on the East Boston waterfront. It is the second phase of a larger development and construction is underway with estimated completion in December 2017. Citizens also provided construction financing for the first phase, an adjacent 181-unit luxury apartment community called Portside 7. Portside 7 was completed in 2014.
Portside 5/6 is a two-minute walk to the Maverick Blue Line T station. The property will feature individually controlled HVAC, in-unit washer/dryer, roller shades, tiled showers, quartz countertops, stainless steel appliances and wine coolers in select units. Common amenities include a spin bike studio, golf simulator, demonstration kitchen with private dining, media room, indoor pool w/ locker rooms, rooftop desk with barbecue grills, fire pit and lounge seating. There is also a dog run, 10.5-acre pier park, on-site ferry service, 18-hour concierge and dry cleaning services.
“Citizens Bank’s Commercial Real Estate Finance team has been a trusted and valued partner on this project,” said Gabriel Shiff, chief investment officer of Roseland. “Citizens’ bankers bring a wealth of experience and the ability to execute quickly and seamlessly.”
“This is an important project for Boston that contributes to the ongoing transformation of the East Boston waterfront and Roseland has been an excellent client for Citizens for many years,” said Gary Magnuson, executive vice president and head of commercial real estate finance at Citizens Bank. “Our Real Estate Team enjoys working with Roseland and helping 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 coverage. Citizens makes loans for multifamily, office, retail, industrial and hospitality properties.
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