Citizens Bank has provided a $107.28 million loan to developer Questar Properties for construction of a new 44-story, 394-unit luxury apartment tower at 414 Light Street, former site of the McCormick Spice warehouse. Citizens was lead arranger on the loan to longtime client Questar Properties.

 “The Citizens Commercial Real Estate Finance team has been a great partner on this transformative project,” said Stephen Gorn, president of Questar Properties. “They bring great ideas, a wealth of experience in the market and are able to execute transactions successfully.”

“Questar Properties is an innovative, award-winning developer with a high-quality multifamily portfolio and this is a very exciting project for the City of Baltimore,” said Tim Leon, Executive Vice President for the Mid Atlantic Region. “Our bankers appreciate Questar’s expertise and we’re very happy to help them achieve their strategic and financial goals.”

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.