New England Development has snagged a $65 million construction loan from Citizens Bank, Commercial Observer Finance can first report.
The debt will finance the construction of Outlets of Des Moines, a 300,000-square-foot, 65-store retail outlet center located at 801 Bass Pro Drive in Altoona, Iowa—six miles from downtown Des Moines. The center is scheduled to open on Oct. 20 this year.
New England Development is based in Boston, Mass. and has developed more than 50 million square feet of retail, commercial, residential and hospitality space. Outlets of Des Moines will be the developer’s fifth retail outlets project.
“New England Development is a longtime client and we look forward to continuing to work with them on more projects in the future,” said Gary Magnuson, the executive vice president and head of commercial real estate finance at Citizens Bank. “Providing construction loans is just one of the ways that Citizens can deliver value for clients.”
“Citizens has been a great strategic and financial partner on this project and we’ve worked with them closely for many years,” said Ken Leibowitz, the executive vice president of acquisitions and finance at New England Development. “We appreciate their expertise and quick execution on transactions like this.”