07/27/2016
Citizens Bank Provides $8.14 Million Loan for Orinoka Civic House project
Vacant mill building will be transformed into affordable housing, retail and new CDC offices
PHILADELPHIA – Citizens Bank announced today that its Community Development Lending Group is providing $8.14 million in construction financing to New Kensington Community Development Corp. for the rehabilitation and adaptive reuse of the five-story former Orinoka Mills building at Ruth and East Somerset streets.
The development, called Orinoka Civic House, will create 51 critically needed affordable housing units; it will also include about 700 square feet of retail and 7,000 square feet of offices for the community development group. Six of the loft-style housing units will be reserved for tenants at or below 20% Area Median Income, 25 units will be for tenants at 50% AMI and 20 units will be for tenants at or below 60% AMI.
“We value our partnership with Citizens Bank and appreciate the Community Development team’s great ideas and timely execution,” said New Kensington CDC Executive Director Sandy Salzman. “Citizens has a strong commitment to affordable housing and to supporting Philadelphia’s neighborhoods. Their experience with these types of transactions makes a big difference.”
“We are very pleased to be part of the Orinoka Civic House development and to be able to help the New Kensington CDC team achieve its strategic and financial goals,” said Daniel K. Fitzpatrick, Pennsylvania President of Citizens Bank. “Citizens is committed to supporting affordable housing and strengthening communities so this is a really great project for us.”
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 $145.2 billion in assets as of June 30, 2016. 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 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.
