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.
SOURCE People's United Bank