CHICAGO—Citizens Financial Group recently helped complete a $296 million construction loan to finance the development of 150 N. Riverside, one of several new office towers beginning to rise along the Chicago River in the West Loop. The O’Donnell Investment Co. began construction on the 53-story, 1.2-million-square-foot building in July and the loan closed in August, Citizens’ officials tell The bank was the joint lead arranger and joint bookrunner along with Bank of America and Helaba.

“Chicago is an important market for us,” says Gary Magnuson, head of commercial real estate finance at RBS Citizens, the commercial banking arm of the Providence, RI-based Citizens Financial Group, and “we think the location is a winner.” Their confidence was further bolstered by the “significant amount of equity that was put together by O’Donnell.”

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