BRIDGEPORT, Conn., Nov. 19, 2019 /PRNewswire/ -- People's
United Bank, N.A., a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT), announced its Commercial Real Estate and Capital
Markets Divisions provided a $64
million Construction Facility to Roseland Residential Trust,
a subsidiary of Mack-Cali Realty Corporation. Roseland is an
owner, manager and developer of luxury lifestyle-oriented
multi-family and mixed-use properties in select waterfront and
transit-oriented markets throughout the Northeast.
The Facility provides Roseland
with capital to construct a 195-unit luxury residential development
with a 391 space parking garage in Short
Hills, New Jersey, increasing their market-share and
supporting economic and community growth locally and
state-wide.
"We are pleased to expand our existing relationship with
Roseland to help grow their
life-style oriented property portfolio in New Jersey," said Laura Greenfield, EVP, Commercial Real Estate,
People's United Bank. "For Roseland, it was critical to select a
New York metro-area based
financing partner with a strong understanding of the local
operating dynamic who can deliver fast execution and creative
solutions, with ample capacity available for future construction
financings."
"Our years of experience, strong balance sheet and ability to
lead complex deals through a team of financing specialists, and a
network of syndicate partners, has made us a lender of choice for
companies across all stages of growth and complexity," said
Ken Jamison, Managing Director,
Loan Syndications, People's United
Bank. "We look forward to supporting Roseland's current and future portfolio
expansion."
People's United's Commercial Real Estate and Capital Markets
Divisions are comprised of specialized in-market bankers across the
Northeast and Mid-Atlantic whose focus is on local relationship
development and origination. The teams offer creative and
flexible real estate solutions with a focus on deal execution and
loan structure to meet the evolving needs of clients.
About People's United Bank
People's United Bank, N.A.
is a subsidiary of People's United Financial, Inc., a diversified,
community-focused financial services company headquartered in the
Northeast with $52 billion in assets.
Founded in 1842, People's United Bank offers commercial and retail
banking through a network of over 400 retail locations in
Connecticut, New York, Massachusetts, Vermont, New
Hampshire and Maine, as
well as wealth management and insurance solutions. The company also
provides specialized commercial services to customers
nationwide.
Roseland Residential Trust
Roseland Residential Trust
is an owner, manager and developer of luxury lifestyle-oriented
multifamily and mixed-use properties in select waterfront and
transit-oriented markets throughout the Northeast. A subsidiary of
Mack-Cali Realty Corporation, one of the country's leading real
estate investment trusts (REITs), Roseland is the master developer for several
nationally recognized mixed-use destinations, including Port
Imperial, a $3 billion, 200-acre
community on the Hudson River Waterfront in New Jersey.
A recognized leader in multifamily innovation, Roseland is known for creating locally
inspired communities that enhance the beauty, economic vitality and
energy of their surrounding environs. Fully integrated and
self-managed, the company comprises a team of professionals
committed to enriching the quality of life in each of its
communities.
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SOURCE People's United Bank