Citizens Bank Leads $185MM in Financing for Genesis South Tower Lab and Office Building

Citizens Bank, Citizens Commercial Real Estate, Phase 3 Real Estate Partners, Genesis South Tower, 1 Tower Place, South San Francisco, San Francisco, San Diego, Seattle, Boston, West Coast, Citizens Commercial Banking

SOUTH SAN FRANCISCO, Calif. – Citizens Bank announced today that the Citizens Commercial Real Estate team has lead a $185 million refinance loan to San Diego-based Phase 3 Real Estate Partners for Genesis South Tower, a 12-story, 336,360 square-foot lab and office building located at 1 Tower Place in South San Francisco. Citizens Bank was the Sole Lead Arranger and Administrative Agent.

Phase 3 Real Estate Partners, Inc. ( is a developer that acquires, manages and repositions well-located properties in core life science markets. The Phase 3 team has been involved in more than 3 million square feet of real estate acquisition, repositioning and development, the majority of which has been in the life sciences arena in established life science markets such as San Francisco, San Diego, Seattle, Boston and North Carolina’s Research Triangle.

“Citizens’ Commercial Real Estate team delivers excellent ideas and seamless deal execution,” said Michael Gerrity, President of Phase 3 Real Estate Partners. “We have been a client since 2016 and we look forward to continuing to work with the Citizens team. Just like our Genesis properties, Citizens delivers a superior level of quality to its clients.”

“Providing loans is just one of the ways that the Commercial Real Estate team is helping clients such as Phase 3 Real Estate Partners,” said Gary Magnuson, head of Commercial Real Estate Finance for Citizens Bank. “The Genesis South Tower deal highlights Citizens’ strong commitment to helping its Commercial clients reach their potential as well as Citizens’ capabilities and support of clients based on the West Coast.”

Citizens’ Commercial Real Estate team provides project finance loans across various strategies and is focused on building long-term relationships with strong commercial real estate sponsors. Citizens provides loans for multifamily, office, retail, industrial and hospitality properties, lends on acquisition and refinancing opportunities, development, stabilized and value-add strategies, and on bridge and term basis. In 2017, Citizens’ CRE loans grew 15 percent to $11.2 billion and, according to Thomson Reuters, Citizens was a Top 10 Real Estate Deal Bookrunner. In 2018, Citizens’ CRE team is expanding its presence and exposure in major West Coast markets.

Citizens is a trusted strategic and financial adviser, 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.

For more information, please go to the Citizens Commercial Banking website.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $153.5 billion in assets as of March 31, 2018. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,150 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at or visit us on Twitter, LinkedIn or Facebook.

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