News: Front Section
Posted: July 12, 2019
Citizens Commercial Real Estate Finance team leads $435m construction loan for WS Development and the Public Sector Pension Investment Board
Boston, MA According to Citizens Commercial Banking, Citizens Commercial Real Estate Finance team is leading a $435 million construction loan for WS Development and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, to build a new 500,000 s/f office and retail building at 111 Harbor Way in the Seaport District.
The building, part of WS Development and PSP Investments’ 7.6 million s/f Seaport project, will have two levels of retail space topped by 15 floors of office space fully leased by Amazon.
A groundbreaking ceremony for the project was held on May 28, and construction will be complete in 2021. Citizens is the lead arranger and administrative agent. The loan closed on June 7.
The Seaport project is one of the largest real estate development projects in the city’s history and is a global destination for technology and life sciences companies as well as an array of digitally native and forward-thinking retail brands.
A longtime Citizens client, WS Development has developed 98 properties comprising 23 million s/f across 10 states, making the company one of the largest privately-held development firms in the country.
“Citizens’ Commercial Real Estate bankers deliver excellent advice and exceptional financial products,” said Daniel Preysman, vice president of finance at WS Development. “The Citizens team’s knowledge of the commercial real estate landscape is extraordinary, and the creativity, thoughtfulness and close attention to detail that they brought to our transaction made for a best-in-class execution. We are so pleased to have Citizens lead this opportunity and we look forward to continuing to strengthen our already deep relationship in the years ahead.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions. We are proud to lead this landmark transaction for our valued and longstanding client WS Development,” said Gary Magnuson, head of commercial real estate finance at Citizens. “Providing construction loans that fund projects, create jobs, and strengthen growing neighborhoods, is just one of the ways that Citizens delivers substantial value for our clients and invests in our host communities such as the Seaport.”
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.