02/01/2016
Citizens Bank Provides $6.15 Million Construction Loan to Affordable Housing Development for Homeless Military Veterans
Funds will be used for adaptive reuse of historic Whitehall Inn into 49 units
PHILADELPHIA – Citizens Bank announced today that its Community Development Lending Group has provided a $6.15 million construction loan to The Whitehall LP, whose sponsor is Mission First Housing Group, Inc.
The loan provides construction financing for the adaptive reuse of the vacant Whitehall Inn, built in 1762 and located at 3795 Schuylkill Road in Spring City, into a 49-unit affordable housing development. Mission First Housing Group will renovate the existing historic Whitehall Inn and construct a new addition that will create permanent housing for military veterans.
The building will also include a community room and fitness facilities, as well as a computer room. The Whitehall will have a live-in property superintendent and on-site supportive services to link veterans to community-based services.
“Mission First Housing Group highly values the partnership with Citizens Bank on this important project,” said Mark Deitcher, Director of Business Development at Mission First Housing Group. “Citizens’ bankers bring great ideas to the table and their commitment to affordable housing projects is clear. Their experience with these transactions makes a big difference.”
“Mission First Housing Group is an excellent client and partner,” said Daniel K. Fitzpatrick, President of Citizens Bank, Pennsylvania. “We are very pleased to be part of this project and to show our support for military veterans by helping the Mission First team achieve their strategic and financial goals.”
The financing represents a long-term commitment the bank has made to supporting military veterans. The bank and its colleagues recently renovated and donated a home to a wounded veteran and his family through the Military Warriors Support Foundation, and also announced the nonprofit recipients of its Champions in Action program, which went to organizations focused on Veterans Services.
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 $138.2 billion in assets as of December 31, 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 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 as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
