Citizens Commercial Banking Leads $435 Million Construction Loan for WS Development and PSP Investments

Citizens Commercial Banking announced today that the Citizens Commercial Real Estate Finance team is leading a $435 million construction loan for WS Development, a Greater Boston-based commercial real estate and investment firm, and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, to build a new 500,000 square-foot office and retail building at 111 Harbor Way in Boston’s Seaport District.

The building, part of WS Development and PSP Investments’ 7.6 million square-foot Boston Seaport project, will have two levels of retail space topped by 15 floors of office space fully leased by Amazon. A groundbreaking ceremony for the project was held on May 28, and construction will be complete in 2021. Citizens is the lead arranger and administrative agent. The loan closed on June 7, 2019. 

The Boston Seaport project is the largest real estate development project in the city’s history and is a global destination for technology and life sciences companies as well as an array of digitally native and forward-thinking retail brands. 

A longtime Citizens client, WS Development has developed 98 properties comprising 23 million square feet across 10 states, making the company one of the largest privately-held development firms in the country. 

“Citizens’ Commercial Real Estate bankers deliver excellent advice and exceptional financial products,” said Daniel Preysman, Vice President of Finance at WS Development. “The Citizens team’s knowledge of the commercial real estate landscape is extraordinary, and the creativity, thoughtfulness and close attention to detail that they brought to our transaction made for a best-in-class execution. We are so pleased to have Citizens lead this opportunity and we look forward to continuing to strengthen our already deep relationship in the years ahead.”

“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions.  We are proud to lead this landmark transaction for our valued and longstanding client WS Development,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens. “Providing construction loans that fund projects, create jobs, and strengthen growing neighborhoods, is just one of the ways that Citizens delivers substantial value for our clients and invests in our host communities such as the Seaport.”  

Citizens is a trusted strategic and financial partner, 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 $161.3 billion in assets as of March 31, 2019. 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 2,900 ATMs and approximately 1,100 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 Boston Seaport

Culture, industry and community converge making Boston’s Seaport district a dynamic and vibrant area that is quickly emerging as one of the most exciting neighborhoods and destinations in the country. Seaport is currently Boston’s single largest development project. WS Development is transforming 23 acres of waterfront land with a carefully selected mix of residential, hotel, office, retail, entertainment, civic and cultural uses, and public open space across the district. Combining the best of historic and modern-day Boston, Seaport is rapidly becoming a national destination for culture, arts, fashion, dining and entertainment, and technology and life sciences, expanding Boston’s position as one of the top cities in the world. For more information visit www.bostonseaport.xyz, follow Boston Seaport on Facebook, and @SeaportBos on Instagram and Twitter. 

About WS Development

WS Development is a Massachusetts-based property developer dedicated to the creation of places where people want to be.  With more than 20 million square feet of existing space and an additional five million square feet under development, it is one of the largest privately-owned development firms in the country. In business since 1990, WS is a vertically-integrated company that develops, owns, designs, markets, operates, and leases over 90 properties, including urban buildings, lifestyle centers, power centers, community centers, and mixed-use developments. Its goal is to be a contributing member of each community it serves. For more information, visit www.wsdevelopment.com, call 617.232.8900 or follow WS Development on LinkedIn.