Wilmington's Ballardvale Office Park Receives $56.5 Million in Financing

Citizens Bank announced Wednesday that it has provided a $56.5 million commercial real estate loan to Investcorp and Griffith Properties to refinance existing debt and for ongoing repositioning of the 550,000-square-foot Ballardvale Office Park in Wilmington.

“The Citizens Commercial Real Estate Finance team has been a great partner on this deal,” Ryan Bassett, principal in Investcorp’s Real Estate Group. “They bring great ideas and a wealth of experience in the Greater Boston market and are able to execute quickly.”

“We like how Investcorp and Griffith Properties are revitalizing this office campus,” said Gary Magnuson, head of commercial real estate finance for Citizens Commercial Banking. “Our bankers enjoyed working with their teams and we look forward to working more with them in the future.”

Citizens’ Commercial Real Estate Finance team provides individual loans of more than $15 million focusing on deals and sponsors in the bank’s 11-state footprint from Massachusetts to Michigan. The bank also funds deals outside the bank’s footprint with existing clients. Citizens makes loans for multifamily, office, retail and industrial properties and selectively considers hospitality properties.

For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Banking website.