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Citizens Bank Provides $58MM in Financing for Brookland Press Apartments

January 04, 2018, 07:06 AM
Filed Under: Real Estate

Citizens Bank announced that Citizens Commercial Banking has provided a $58 million loan to Jemal's Channing Place LLC / Douglas Development Corp. for the Brookland Press Apartments, a 295-unit, Class A, multifamily project in the Brookland neighborhood of NE Washington, D.C. Citizens is the sole lender.

Douglas Development Corp. is a Washington, D.C.-based property development, leasing and management company. 
“We greatly value our partnership with Citizens Bank and appreciate the Commercial Real Estate team’s excellent ideas and seamless deal execution,” said Norman Jemal of Douglas Development Corp. “We have been a client since 2010 and we look forward to continuing to work with the Citizens team in the future.”

“Loans are just one of the ways that the Commercial Real Estate team is helping clients such as Douglas Development Corp.,” said Tim Leon, Executive Vice President of Commercial Real Estate for the Mid-Atlantic and Southeast at Citizens Bank. “This deal highlights Citizens’ strong commitment to the Washington, D.C. market and to helping Commercial clients reach their potential.”

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