SAN JOSE, CA – Citizens Commercial Banking announced today that it is providing a $30.5 million construction loan to Belmont, CA-based Westlake Realty Group for the development of a new Hilton Garden Inn near the Norman Y. Mineta San Jose International Airport.
The 150-room Hilton Garden Inn will be located at 111 East Gish St. in San Jose. Construction is set to begin this quarter.
Westlake Realty Group is a full-service, family-owned real estate investment and development firm with extensive experience in all asset classes of real estate in the San Francisco Bay Area and Western United States. The company’s current holdings include a diverse portfolio of office, multi-family, hotel, retail and mixed-use properties primarily located in the San Francisco Bay Area. Throughout the course of its 46-year history, Westlake has acquired, developed and operated properties in the United States, Mexico, China and Japan.
“Citizens’ Commercial Real Estate team delivered excellent ideas and seamless deal execution,” said Kristina Chang, President of Westlake Realty Group. “We are a new client and we have been impressed by the Citizens team. We look forward to continuing to work with them in the future.”
“Providing construction loans is just one of the ways that the Citizens Commercial Real Estate team is helping clients such as Westlake Realty Group,” said Kevin Boyle, West Coast Regional Manager of Commercial Real Estate for Citizens Bank. “The Hilton Garden Inn deal highlights Citizens’ capabilities and our strong commitment to helping our West Coast clients reach their potential.”
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 a bridge and term basis. In addition to credit, Citizens is a leading provider of broad-based banking solutions including deposit and treasury management services, interest rate protection products and capital markets transactions.About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $160.5 billion in assets as of December 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 2,900 ATMs and approximately 1,100 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 www.citizensbank.com