News: Front Section
Posted: October 23, 2008
STAG Capital Ptrs. receives $80 million to finance fourth realty investment fund
Citizens Bank and Bank of America are providing $80  million to STAG Capital Ptrs. to finance the company's acquisition of its fourth realty investment fund, composed of warehouse, flex,  manufacturing and office building properties. Citizens Bank is the agent  and Bank of America is the co-agent on the financing deal.
"We are pleased to work with Citizens Bank  and Bank of America on this important financing," said Benjamin Butcher, CEO of STAG. "They  demonstrated a deep understanding of our business and investment  strategy."
STAG acquires and  manages single-tenant, net leased real estate assets purchased through  third-party transactions and corporate sale-leasebacks. STAG also  specializes in providing liquidity to corporate real estate owners through  sale- leasebacks transactions.
"We are committed to supporting businesses  with the financing they need to grow their operations," said Kevin Boyle,  division executive, commercial real estate finance, Citizens Bank,  Mass.
"This transaction is an exciting  opportunity for the bank to work together with STAG and  Citizens," said Michael Pappas, Bank of America product delivery officer.
About Citizens Bank   Citizens Bank is a division of RBS  Citizens, N.A., operating its seven-state branch network in Connecticut,  Delaware, Massachusetts, New Hampshire, New York, Rhode Island and  Vermont. It has 258 branches and 597 ATMs in  Massachusetts. RBS Citizens, N.A. is a subsidiary of  Citizens Financial Group, Inc., a $161 billion commercial bank holding  company headquartered in Providence, R.I. CFG's two bank subsidiaries are  RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a  13-state branch network under the Citizens Bank brand in Connecticut,  Delaware, Massachusetts, New Hampshire, New Jersey, New York,  Pennsylvania, Rhode Island and Vermont, and the Charter One brand in  Illinois, Indiana, Michigan and Ohio. CFG has non-branch retail and  commercial offices in about 40 states. It is one of the 10 largest  commercial banking companies in the United States ranked by assets and  deposits. CFG is owned by RBS (The Royal Bank of Scotland Group plc).  CFG's Web site is www.citizensbank.com.
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