Citizens, BofA to finance STAG acquisition

BOSTON – Citizens Bank and Bank of America are lending $80 million to STAG Capital Partners to finance the company’s acquisition of its fourth realty-investment fund, composed of warehouse, flex, manufacturing and office building properties. Citizens Bank is the agent and Bank of America is the co-agent on the financing deal.
“We are pleased to work with Citizens Bank and Bank of America on this important financing,” said Benjamin S. Butcher, CEO of STAG Capital Partners, a Boston-based real estate firm that buys and manages single-tenant, net-leased real estate assets. “They demonstrated a deep understanding of our business and investment strategy.”
STAG also specializes in providing liquidity to corporate real estate owners through sale-leaseback transactions. Established in 2003, STAG’s most recent acquisitions include properties in New York, North Carolina, Tennessee, Georgia, Ohio, Minnesota, Pennsylvania, Texas and Wisconsin.
“We are committed to supporting businesses with the financing they need to grow their operations,” said Kevin Boyle, division executive in Commercial Real Estate Finance at Citizens Bank Massachusetts. “STAG Capital Partners has a clear vision as to how to expand its business and we are proud to partner with Bank of America to provide the financial support to fund this effort.”
“This transaction is an exciting opportunity for the bank to work together with STAG Capital partners and Citizens”, said Michael Pappas, Bank of America product delivery officer. “Historically, our client, STAG Capital Partners, has a track record of identifying prospective properties and swiftly executing on their due diligence and acquisition in deals financed by the bank.”
Citizens Bank of Massachusetts is a subsidiary of Providence-based Citizens Financial Group Inc., a commercial bank holding company that has about 1,600 branches and 3,200 ATMs in 13 states and non-branch offices in about 40 states, and employs about 25,000 people. Citizens Financial is owned by the Edinburgh-based Royal Bank of Scotland Group plc. Additional information is available at CitizensBank.com.
Bank of America (NYSE: BAC) is one of the world’s largest financial institutions, with clients in 175 nations, including 98 percent of the U.S. Fortune 500 and 80 percent of the Fortune Global 500. In the United States alone, it serves more than 56 million consumers and small businesses via more than 5,700 retail offices and 17,000 ATMs. To learn more, visit www.bankofamerica.com.