03/24/2016
Citizens Bank Provides $4.58 Million Loan for Affordable Housing Development
Funds will be used for the development of Parkview Apartments, a 26-unit project co-developed by SA+A Development and R+A+R Development
BUFFALO, N.Y. – Citizens Bank announced today that its Community Development Lending Group has provided a $4.58 million construction loan to Parkview Apartments of Buffalo, LLC, whose co-sponsors are SA+A Development, Inc. and R+A+R Development, Inc.
The loan will provide construction financing for the redevelopment of the former Public School No. 59 at 769 Best St. into a 26-unit affordable housing development. Six of the units will be reserved for tenants at or below 30% AMI, 19 units for tenants at 50% AMI and one unit for tenants at or below 60% AMI.
“We truly value the partnership with Citizens Bank,” said David Alexander, Vice President of SA+A Development, Inc. “Citizens’ bankers bring great ideas to the table and their commitment to affordable housing projects is clear from the beginning. Their experience with these transactions makes a big difference.”
“SA+A Development and R+A+R Development are excellent clients,” said Reza Aghamirzadeh, Executive Vice President and Community Development Director at Citizens Bank. “We are pleased to be part of the Parkview Apartments project and to be able to help the Parkview Apartments development team achieve their goals.”
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.
