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Citizens Bank Provides $29MM Construction Loan to Triangle Equities

February 24, 2016, 07:28 AM
Filed Under: Real Estate
Related: Citizens Bank

Citizens Bank has announced that it has provided $29 million in construction loans to Triangle Equities to help finance the Lighthouse Point development – a $200 million, mixed-use project on the St. George waterfront in Staten Island, New York.

Triangle along with its partner, Lubert Adler LLP announced that it has secured construction financing for the first phase of the transformative project.

The project will be financed through a partnership of private and public sector groups. In addition to the $29 million of construction loans from Citizens Bank, there will be $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $16.5 million from Empire State Development, $6.2 million of capital from New York City, along with joint venture equity from Triangle & Lubert Adler.

“Without the tremendous support from our financing partners – Lubert-Adler, Goldman Sachs, Citizens Bank, UFA, and CCG – this project would not be possible,” said Lester Petracca, President of Triangle Equities. “This marks a truly historic day and a turning point for the north shore of Staten Island.”

“Citizens Bank is very supportive of a project that has been in the development phase for many years, that is financially well capitalized and will be a great residential rental alternative for both Staten Island and Manhattan residents as well as a retail destination. The Bank is appreciative of all the public sector partnerships that have enabled the development of the project,” said Bill Butler, Senior Vice President at Citizens Bank.

Construction of the first phase of Lighthouse Point began in late 2015 and is slated for completion in 2017. Lighthouse Point will participate in HireNYC, a local jobs program and is expected to create 226 permanent jobs and over 400 construction jobs.

Citizens Financial Group, Inc. is one of the oldest and largest financial services firms in the United States with assets in excess of $135 billion. Headquartered in Providence, Rhode Island, where its roots date back to 1828.  Citizens Commercial Banking offers its Commercial Real Estate and institutional/REIT clients a broad range of wholesale banking products and services including commercial real estate loans, lines of credit, treasury services, specialty finance, foreign exchange, capital markets and debt syndication.

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