Citizens Bank and Santander provide $77m on Philly area offices

Citizens Bank and Santander have provided a $77 million acquisition loan on the North American headquarters of the Saint-Gobain Corporation in the Philadelphia area.

Citizens Bank and Santander have provided a $77 million acquisition loan on the North American headquarters of the Saint-Gobain Corporation in the Philadelphia area.

Saint-Gobain Corporation , Philadelphia area
Saint-Gobain Corporation , Philadelphia area

The lenders provided the loan to UK-based 90 North Real Estate and an affiliate of the Arzan Financial Group of Kuwait, who paid $123 million for the asset, putting the loan-to-value at 62 percent.

The two-building headquarters is located at 18 and 20 Moores Road in the Philadelphia suburb of Malvern and totals 321,226 sq ft. The property features Class A office space with a 15-year lease to Saint-Gobain Corporation, according to JLL, which arranged the deal.

“This asset is a particularly strong investment because of the state-of-the-art renovations and its location in the highly desirable Malvern submarket, which accounted for approximately 30 percent of the total absorption for the Philadelphia suburbs in 2015,” said Chad Orcutt, senior vice president at JLL, in a prepared statement.

Only 30 miles from downtown Philadelphia, the 34.6-acre campus and office buildings recently underwent renovations including electronically tinted SAGE glass, rain gardens and a garden plaza.

Last month, Citizens Bank also provided a $51.3 million construction loan on Park Square West Phase IV Apartments, a high-rise development in Stamford, Connecticut.

Founded 350 years ago to manufacture glass for the Palace of Versailles and other royal abodes, Saint-Gobain today produces a construction and high-performance materials.

The lenders and borrowers were not immediately available or did not respond to requests for comment in time for publication.

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