PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens’ Commercial Real Estate clients will have an additional source of long-term permanent financing opportunities under a referral agreement with PGIM Real Estate Finance announced today.
The Citizens Commercial Real Estate team continues to add solutions to deepen its client relationships as it prudently grows its business. In 2017, Citizens’ CRE loans grew 15 percent to $11.2 billion and, according to Thomson Reuters, Citizens was a Top 10 Real Estate Deal Bookrunner by deal count.
“We are excited about our new partnership with Citizens Bank to deliver high-quality, permanent financing solutions to their Commercial Real Estate clients, with a particular focus on multifamily properties,” said Michael McRoberts, Managing Director at PGIM Real Estate and Head of Agency Originations. “This new relationship will provide Citizens’ Commercial Real Estate clients additional term-financing options.”
“This agreement with PGIM Real Estate Finance will give Citizens’ Commercial Real Estate clients an opportunity to work with an outstanding provider of long-term permanent financing for their projects,” said Gary Magnuson, head of Commercial Real Estate Finance, Citizens Bank. “The referral agreement demonstrates Citizens’ strong commitment to putting our clients first and providing the best financing solution.”
Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $25 million, focusing on building relationships with strong commercial real estate sponsors. Citizens provides loans for multifamily, office, retail, industrial and hospitality properties.
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
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 $152.3 billion in assets as of December 31, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,150 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About PGIM Real Estate Finance
PGIM Real Estate Finance, the commercial mortgage business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU), is an international full-service, commercial and multifamily mortgage finance business with $91.2 billion in assets under management and administration as of Dec. 31, 2017. Leveraging a 140-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac and specialized affordable housing programs; FHA; Prudential’s general account; and other institutional investors. For more information, please visit pgimref.com.