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Citizens Bank Provides $33.75MM Construction Loan to Post Road Residential

November 10, 2016, 07:31 AM
Filed Under: Construction

Citizens Bank announced that Citizens Commercial Banking is providing a $33.75 million construction loan to Post Road Residential and its partner Carlyle Realty Partners VII, LP for the construction of the 215-unit multifamily Bloomfield Center project in Bloomfield, CT. Citizens is the sole lender.

Fairfield, CT-based Post Road focuses on multifamily housing along the I-95 corridor between Boston and New York City. Construction on Bloomfield Center, which is adjacent to Bloomfield town hall, has already begun with delivery of the first units expected in early 2018.

“Citizens Bank’s Commercial Real Estate Finance team has been a great partner on this transaction,” said Andrew Montelli, founder and president of Post Road Residential. “Citizens’ bankers bring great ideas, a wealth of experience and the ability to execute quickly and seamlessly.”

“Post Road Residential is a great new client for us. They are smart developers who bring innovative ideas to development and authentic homes to the community,” said Gary Magnuson, executive vice president and head of Commercial Real Estate Finance at Citizens Bank. “Our bankers enjoyed working with their team and we’re happy to help 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. Citizens makes loans for multifamily, office, retail, industrial and hospitality properties.

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