CHICAGO—Citizens Financial Group recentlyhelped complete a $296 million construction loan to finance thedevelopment of 150 N. Riverside, one of several new office towersbeginning to rise along the Chicago River in the West Loop. TheO'Donnell Investment Co. began construction on the53-story, 1.2-million-square-foot building in July and the loanclosed in August, Citizens' officials tell GlobeSt.com. The bankwas the joint lead arranger and joint bookrunner along withBank of America and Helaba.

“Chicago is an important market for us,” says GaryMagnuson, head of commercial real estate finance atRBS Citizens, the commercial banking arm of theProvidence, RI-based Citizens Financial Group, and “we think thelocation is a winner.” Their confidence was further bolstered bythe “significant amount of equity that was put together byO'Donnell.”

Wanxiang America Real Estate Group, asubsidiary of the China-based manufacturer Wanxiang GroupInc., and another partner provided about $200 million inequity for the project, located between Lake and Randolph streets.The site will offer easy access to public transportation and viewsof the river and downtown Chicago, Magnuson says, and a 1.5-acrepublic park surrounding the property will help create a river walkarea for city residents and tourists.