04/05/2016
Citizens Bank Provides $8.2 Million Loan for Senior Housing Development
New 66-unit apartment building offers affordable housing, amenities
PITTSBURGH – Citizens Bank announced today that its Community Development Lending Group is providing an $8.2 million loan to Hillcrest Limited Partnership, whose sponsor is The Community Builders, Inc. (TCB), for the construction of a 66-unit apartment building at 2920 Brownsville Road in the Carrick neighborhood of Pittsburgh.
TCB is one of the largest non-profit affordable and mixed-income housing developers in the United States.
Hillcrest Senior Apartments will be a new four-story, 70,689-square-foot apartment building with 54 one-bedroom and 12 two-bedroom apartments for households with one member 62 years or older. Amenities will include computer/library rooms, a sun room, fitness center, outdoor terrace and 36 off-street parking spaces on the 1.76-acre urban site, which has been vacant for over nine years. Apartment sizes will range from 645 to 990 square feet.
Six of the units are reserved for tenants at or below 20% AMI, 34 of the units are reserved for tenants at or below 50% AMI, 16 units for tenants at 60% AMI and 10 units for tenants at 120% AMI.
“We greatly value the partnership with Citizens Bank,” said Thomas Buonopane, vice president of finance, TCB. “Citizens’ bankers bring excellent ideas to every meeting and their commitment to affordable housing projects is clear. Their experience with these transactions makes a big difference.”
“We are very pleased to be part of the Hillcrest Senior Apartments project and to be able to help The Community Builders, Inc. team achieve its strategic and financial goals,” said Daniel K. Fitzpatrick, Pennsylvania President of Citizens Bank.
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.
