09/02/2015
Citizens Bank provides $6.46 million construction loan for an affordable rental housing development located in Dartmouth
Project to create 36 affordable housing units at the former Lincoln Park Amusement Center
BOSTON – Citizens Bank announced today that its Community Development Lending Group has provided a $6.46 million construction loan to Lincoln Park Place LLC, an affordable rental housing development in Dartmouth to be built by local developers Paul and Robert Carrigg.
The Citizens Bank construction loan provides financing for the new construction of a single, three-story building, containing 36 affordable rental housing units, at the former Lincoln Park Amusement Center in Dartmouth. Financing for Lincoln Park Place also included $7 million in state and federal Low Income Housing Tax Credit equity, $3.5 million in state funding, $100,000 in town funding and a permanent loan through Fall River-based Bay Coast Bank.
Paul and Robert Carrigg have been real estate developers for over 30 years, completing single- family, multi-family and commercial developments in the Bristol County, Massachusetts area.
“We enjoyed working with Citizens Bank on this project,” Paul Carrigg said. “Citizens Bank moved forward in a timely fashion to help get this transaction closed. This development offers Southeastern Massachusetts residents more options for affordable housing, which is an important goal for us and for Citizens.”
“We are pleased to work with the Carrigg family on this project and to help the development team achieve its strategic and financial goals,” said Quincy Miller, President of Citizens Bank in Massachusetts.
For more information, please go to the Citizens Bank 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.
