Funds will be used by Mill Creek Residential for 21-story apartment tower
ATLANTA, September 19, 2016 – Citizens Bank announced today that Citizens Commercial Banking has arranged an $87.4 million loan to Dallas-based Mill Creek Residential for the construction of a 21-story residential tower adjacent to The Shops at Buckhead Atlanta.
Founded in 2011, Mill Creek develops, acquires and operates apartment communities nationwide.
Buckhead Modera will be a 399-unit multifamily project at 3005 Peachtree St. in Buckhead Atlanta with 22,000 square feet of ground-floor retail. Amenities will include two pools, courtyards, a sky lounge, fitness center, clubroom with kitchen and concierge service.
Citizens served as Lead Left Arranger on the transaction. Mill Creek Residential has been a client since 2011.
“This is an exciting project for us and for the city of Atlanta and Citizens Bank has been a great strategic and financial partner for years,” said Chad Dubeau, Senior Managing Director at Mill Creek Residential. “The Citizens team brings great financing ideas to every meeting and they worked hard to execute this transaction seamlessly.”
“We are very happy to partner with the Mill Creek Residential team on another deal and look forward to continuing to work with them more in the future,” said Gary Magnuson, Executive Vice President and Head of Commercial Real Estate Finance at Citizens Bank.
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. For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
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. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
SOURCE: Citizens Financial Group, Inc.