Citizens Bank recently made a $65 million loan to NED Altoona LLC/New England Development to build a 300,000-square-foot retail outlet center near Des Moines, Iowa.
Citizens was the sole lender on the project, which is anticipated to open in October of this year. Outlets of Des Moines will feature 65 stores located at the I-80 and Route 65 interchange.
“Citizens has been a great strategic and financial partner on this project and we’ve worked with them closely for many years,” Ken Leibowitz, executive vice president, acquisitions and finance at New England Development, said in a statement. “We appreciate their expertise and quick execution on transactions like this.”
Boston-based New England Development has more than 50 million square feet of retail, commercial, residential and hospitality space to its credit and has been in business for more than 35 years.
“New England Development is a longtime client and we look forward to continuing to work with them on more projects in the future,” Gary Magnuson, Citizens’ executive vice president and head of commercial real estate finance, said in a statement. “Providing construction loans is just one of the ways that Citizens can deliver value for clients.”