RBS Citizens Leads Construction Financing for The Fallon Company’s Fourth Commercial Tower at Fan Pier
Financing supports continued momentum at The Fallon Company’s dynamic mixed-use neighborhood on Boston’s waterfront
BOSTON, MA – RBS Citizens Financial Group (RBSCFG) today announced the closing of a substantial construction loan with The Fallon Company to partially finance the development of 100 Northern Avenue, the fourth commercial tower on Fan Pier – one of the country’s largest privately funded development sites. Once complete, the 17-story, 515,000 square foot, build-to-suit tower will house the headquarters of global law firm Goodwin Procter LLP, as well as 15,000 square feet of premium ground floor retail space.
“We’re excited to help Joe Fallon implement the next phase of his vision for Fan Pier,” said Jerry Sargent, Massachusetts President for RBS Citizens and Citizens Bank. “The continuing transformation of the Seaport District is a great indicator of the economic vitality of the City of Boston, and we are pleased to be participating in this effort.”
RBS Citizens underwrote the transaction and is serving as administrative agent and sole arranger. Other lenders participating include TD Bank, Santander Bank, First Niagara Bank and People’s United bank.
RBS Citizens’ Commercial Real Estate Finance Group is a leading provider of customized capital solutions for developers and real estate investors. The bank’s seasoned, local relationship managers tailor financial solutions for middle market and institutional real estate clients with office, multi-family, industrial, core retail and hospitality properties.
As both a gateway to the waterfront and connector to Boston’s Financial District, Fan Pier features three million square feet of mixed-use office, residential and retail space spanning 21 acres and nine city blocks, overlooking the revitalized Boston Harbor.
“With new commercial and residential buildings underway, world-class new companies moving to the neighborhood, and plans underway for additional expansion, we look forward to this next phase of construction at Fan Pier,” said Joseph Fallon, President and CEO of The Fallon Company. “With the help of RBS Citizens’ Commercial Real Estate Finance Group, we’re continuing to realize our vision of shaping one of Boston’s premier neighborhoods and redefining Boston’s waterfront.”
With the start of construction on 100 Northern Avenue, Fan Pier - a joint venture of the Fallon Company and Mass Mutual as advised by Cornerstone Real Estate Advisers - features five high rise structures under development or completed, including: One Marina Park Drive, the first commercial building on the site; Fifty Northern Avenue and Eleven Fan Pier Boulevard, two towers designed for the global headquarters of Vertex Pharmaceuticals – which The Fallon Company sold to Senior Housing Properties Trust (SNH) for $1.1 billion in February 2014; and Twenty Two Liberty, which broke ground in October 2013.
Goodwin Procter plans to move more than 800 attorneys and professional staff to 380,000 square feet of commercial space within 100 Northern Avenue, which is located next to the Institute of Contemporary Art overlooking Boston Harbor, by 2016.
When complete, the Fan Pier neighborhood will feature a total of eight contemporary commercial and residential luxury high rises, offering sweeping views and the best in dining, shopping and recreation on Boston’s historic harbor.
Artistic renderings of 100 Northern Avenue are available for download and use at: http://bit.ly/1lLqe2T (Photo Credit: The Fallon Company)
About RBS Citizens Financial Group, Inc.
RBS Citizens Financial Group, Inc. is a $122 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has approximately 1,400 branches, over 3,500 ATMs and more than 18,000 colleagues. It operates a branch network in 12 states and has non-branch retail and commercial offices in more than 30 states. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG’s website is citizensbank.com.