Citizens Bank provides $65M for Iowa retail outlet

PROVIDENCE – Citizens Bank provided a $65 million construction loan to help finance the construction of a 300,000-square-foot retail outlet in Iowa.

The loan was made with NED Altoona LLC/New England Development, according to a press release.

The outlet store will be built 6 miles outside Des Moines, Iowa, and feature 65 stores, according to the release.

New England Development is based in Boston.

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“Citizens has been a great strategic and financial partner on this project and we’ve worked with them for many years,” said Ken Leibowitz, executive vice president at New England Development.

Citizens Bank, based in Providence, is a subsidiary of Citizens Financial Group Inc., and the largest Rhode Island-based bank.

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