PROVIDENCE, R.I. – 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 on Tuesday.
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 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. 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.