Citizens Commercial Banking announced today that its Commercial Real Estate Finance team is providing a $55 million loan to LeCesse Development Corp. and MAS Development Group, for the construction of a mixed-use apartment complex called Vinty in Elizabeth, N.J. Citizens is Left Lead Bank and Administrative Agent.
Vinty will be situated on a 2.48-acre site at the corner of Union and W. Grand Streets across the street from the Elizabeth, N.J., Transit Station. The project will have four stories of residential units – 25 studios, 175 one-bedrooms and 67 two-bedrooms – above 37,000 square feet of retail and office space with a 274-space parking garage. Amenities will include a fitness center, yoga/cycling studio, virtual golf simulator, resort-style pool with hot tub and cabana seating, outdoor summer kitchen with grills, community lounge and entertainment room, dog park, resident greenhouse, outdoor theater and package concierge system. Home interiors will include high-end finishes such as quartz countertops, stainless steel appliances, modern cabinetry, undermount sinks, smart home features, in-unit washers and dryers, plank flooring and walk-in closets. The project is due to be completed in first quarter of 2021.
“Citizens’ Commercial Real Estate bankers are trusted strategic and financial partners who were ready to listen to us and help make this deal a reality,” said Sal Garcia, Principal of MAS Development Group. “The Citizens team has a strong commitment to the community and a deep knowledge of the commercial real estate landscape. Their close attention to detail made for a seamless and timely execution.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Tim Leon, Executive Vice President of Commercial Real Estate for the Mid-Atlantic, Southeast and Southwest at Citizens Bank. “Providing construction loans to projects such as Vinty is just one of the ways that Citizens delivers substantial value for our clients and our communities.”
Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.