Funds used to acquire eight office and industrial properties in Northern Virginia
WASHINGTON, D.C. - Citizens Bank announced today that it led a $69 million loan to Finmarc Management, Inc. for the acquisition of eight office and industrial properties, consisting of 26 buildings totaling nearly 950,000 square feet in northern Virginia. Citizens Bank is Joint Lead Arranger and Administrative Agent of the bank group.
Bethesda, Md.-based Finmarc is a commercial real estate company focused on real estate investment, management, leasing and development of retail, industrial/flex projects and office buildings throughout the Mid-Atlantic region. With this acquisition, the firm's portfolio exceeds 5.7 million square feet.
A mix of office, office/light industrial and warehouse/flex properties, the acquisition includes the Van Buren Office Park and Herndon Corporate Center in Herndon; the Reston Business Campus on Pinecrest Road in Reston; the Gateway Center Manassas, Windsor at Battlefield Manassas and Linden Business Center in Manassas; the Enterprise Center in Chantilly; and the Prosperity Business Center in Merrifield.
'Citizens Bank's Commercial Real Estate Finance team has been a great partner on this major acquisition, as well as the several other transactions we have done together,' said Marc Solomon, Partner of Finmarc Management, Inc. 'Citizens' bankers bring great ideas, a wealth of experience and the ability to execute transactions quickly and seamlessly.'
'The team at Finmarc has in-depth experience with value-add real estate opportunities,' said Tim Leon, Executive Vice President of Commercial Real Estate Finance for the Mid-Atlantic Region at Citizens Bank. 'We're very happy to work with them and be able to help them achieve their strategic and financial goals.'
Citizens' Commercial Real Estate Finance team provides individual loans of more than $15 million focusing on deals and sponsors in the bank's 11-state footprint from Massachusetts to Michigan. The bank also funds deals outside the bank's footprint with existing clients. Citizens makes loans for multifamily, office, retail and industrial properties and selectively considers hospitality properties.
For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Bankingwebsite.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $138.2 billion in assets as of December 31, 2015. 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 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 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.