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Citizens Bank Provides $65MM Construction Loan for Retail Outlet Center

February 15, 2017, 07:45 AM
Filed Under: Construction

Citizens Bank announced that Citizens Commercial Banking is providing a $65 million loan to NED Altoona LLC / New England Development to finance, in part, the construction of a 300,000 square-foot retail outlet center outside Des Moines, Iowa.  Citizens is the sole lender.

Outlets of Des Moines – located six miles east of downtown Des Moines in Altoona, Iowa – will feature 65 stores and be located at the I-80 and U.S. Route 65 interchange. The site is adjacent to Bass Pro Shops and other well-known attractions such as Prairie Meadows, a thoroughbred racetrack and casino, and Adventureland, a regional amusement park.  Outlets of Des Moines will open October 20, 2017. 
Boston-based New England Development has more than 50 million square feet of retail, commercial, residential and hospitality space to its credit and has been in business for more than 35 years.

“Citizens has been a great strategic and financial partner on this project and we’ve worked with them closely for many years,” said Ken Leibowitz, executive vice president, acquisitions and finance, New England Development. “We appreciate their expertise and quick execution on transactions like this.”

“New England Development is a longtime client and we look forward to continuing to work with them on more projects in the future,” said Gary Magnuson, executive vice president and head of Commercial Real Estate Finance at Citizens Bank. “Providing construction loans is just one of the ways that Citizens can deliver value for clients.”

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.

Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.

For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Banking website.

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