Citizens Bank provides $50 million apartment construction loan for Hyde Park housing near University of Chicago campus
University of Chicago apartment housing project with 267 units, 28,000 square feet of ground floor retail slated for September 2016 completion
CHICAGO – June 26, 2015 – (RealEstateRama) — Citizens Bank announced today that it has provided a $50 million apartment construction loan to an affiliate of Blue Vista Capital Management for a mixed-use apartment project serving the Hyde Park and Kenwood neighborhoods of Chicago. The housing project will be built in partnership with the University of Chicago.
Blue Vista Capital Management is a Chicago-based investment management firm focused on the acquisition of various real estate properties throughout the United States. To date, Blue Vista has participated in joint ventures representing over $5.7 billion in total capitalization.
The new University of Chicago housing development will consist of 267 units with a total of 403 beds as well as about 28,000 square feet of ground floor retail and 225 parking spaces.The building will contribute to the growth of the 53rd Street Corridor and is scheduled for completion for Fall of 2016.
“We are very pleased to have worked with Citizens Bank on this transaction,” said Blue Vista Capital Management Chairman and Co-Founder Robert Byron. “The deal team at Citizens brought a number of great ideas to the table and executed the transaction seamlessly.”
“Blue Vista Capital Management is a great client with an excellent business operation and this is an important project,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens Bank. “We are very pleased to help the Blue Vista team achieve their strategic and financial goals.”
For more information, please go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 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, a 24/7 customer contact center 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. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
