08/05/2015
Citizens Bank Provides $28.2 Million in Financing for Two Southfield, MI Affordable Rental Housing Developments
McDonnell Tower, River Park Place affordable rental housing complexes to undergo renovations
DETROIT – Citizens Bank announced today that its Community Development Lending Group has provided a $6.35 million loan to Southfield McDonnell Tower Apartments LDHA, LLC for the renovation of the 162-unit senior housing McDonnell Tower Apartments and an $8.3 million loan to Southfield River Park Place LDHA, LLC for the renovation of the 245-unit River Park Place Apartments.
In addition, Citizens Bank committed more than $13.55 million in tax credit equity to the two developments through the purchase of Low-Income Housing Tax Credits.
McDonnell Tower Apartments, originally constructed in 1975, is an 11-story apartment building consisting of 162 units restricted to households ages 62+. The River Park Place Apartment complex, originally constructed in 1978, has a total of 245 affordable rental housing units consisting of 182 age-restricted units for senior households age 62+ and additional units in eight townhomes for general or family occupancy. The loans and tax credit equity provided by Citizens Bank will help fund the renovation of these affordable rental housing units, which will continue to be available to tenants at or below 60% Area Median Income (AMI).
The affordable rental housing projects are a joint venture between Larc Community Development Group and the Southfield Housing Authority. A for-profit community development company, Larc Community Development Group has developed and preserved more than 6,000 affordable housing units throughout the state of Michigan, including numerous developments for nonprofit organizations.
“Larc Community Development Group highly values the partnership with Citizens Bank,” said Larry Tisdale, President of Larc. “Citizens bankers bring great ideas to the table and their commitment to affordable housing projects is clear. Their expertise and experience with these transactions make a difference.”
“Larc Community Development Group is an excellent client and partner,” said Rick Hampson, President of Citizens Bank in Michigan. “We are pleased to be part of these important developments and to help the Larc team achieve their goals.”
For more information, please go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $137.3 billion in assets as of June 30, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle‐market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid‐Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not‐for‐profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
