07/27/2016
Citizens Bank Provides $9 Million Loan for Brewerytown housing project
Former Pyramid Electric Supply Co. warehouse will be transformed into 50 apartments and new commercial space
PHILADELPHIA – Citizens Bank announced today that its Community Development Lending Group is providing $9 million in construction financing to an affiliate of MMPartners, LLC for the acquisition and substantial rehabilitation of the former Pyramid Electric Supply Company warehouse into 50 market-rate loft apartments and 5,000 square feet of commercial space.
The six-story, 71,000 square-foot vacant building is at the corner of Oxford Street and West Glenwood Avenue in Brewerytown, now primarily a residential neighborhood that got its name because of the numerous breweries that were located along the Schuylkill River during the late 19th century and early 20th century.
“We really value Citizens Bank’s partnership and appreciate the Community Development Lending team’s excellent ideas and timely execution,” said MMPartners Managing Partner David Waxman. “Citizens has a deep commitment to supporting Philadelphia’s neighborhoods and their experience with these types of transactions makes a big difference.”
“We are very pleased to be part of this development and to be able to help the MMPartners team achieve its strategic and financial goals,” said Daniel K. Fitzpatrick, Pennsylvania President of Citizens Bank. “Citizens is committed to 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.
