09/13/2022
Funds to finance acquisition of Emeryville, Calif., properties and conversion into life science labs
JLL Capital Markets announced in January that it had closed the $36 million ($572 per square foot) sale of 6601-6603 Shellmound, a single-story flex/R&D building totaling 62,898 square feet in Emeryville, Calif. JLL represented the seller, Griffin Capital, in the off-market sale of the property to Longfellow Real Estate Partners.
PROVIDENCE, RI – Citizens announced today that its Commercial Real Estate Finance team provided a $113.6 million loan to Boston-based Longfellow Real Estate Partners for the development of a new 190,000 square-foot life science lab complex in Emeryville, Calif. Citizens is Sole Lead Arranger, Sole Bookrunner and Administrative Agent.
The funds are being used for the acquisition and conversion of industrial warehouse space into Atrium Labs, a two-building lab project located at 1650 65th St. and 6601-6603 Shellmound St. in Emeryville’s growing life science hub.
“Citizens’ Commercial Real Estate bankers are trusted advisers who are solutions-oriented and provide excellent client support,” said Joe Van Saun, partner, Longfellow Real Estate Partners. “The Citizens team has deep knowledge of the commercial real estate landscape and was able to execute a complex transaction seamlessly.”
Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens 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 website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. 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 full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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