08/10/2016
Citizens Bank Provides $11.77 Million Loan for Senior Affordable Housing
NEWARK, DE – Citizens Bank announced today that its Community Development Lending Group is providing $11.77 million in construction financing to Marydale Preservation Associates, LLC, whose sponsor is Catholic Ministry to the Elderly Inc., a nonprofit affiliate of the Catholic Diocese of Wilmington.
The loan will provide financing for the substantial renovation of 108 units of affordable housing at Marydale Retirement Village at 135 Jeandell Drive in Newark that are reserved for seniors at or below 50 percent of area median income (AMI).
“We value our partnership with Citizens Bank and greatly appreciate the Community Development Lending Group’s good ideas and timely execution,” said Richelle A. Vible, Executive Director of Catholic Charities, Inc. “Citizens’ commitment to affordable housing is clear and the bank’s experience with these types of transactions makes a major difference.”
“We are very pleased to be part of the Marydale Retirement Village renovation project and to be able to help the team achieve its strategic and financial goals,” said Daniel K. Fitzpatrick, President of Citizens Bank of Pennsylvania, New Jersey and Delaware. “Citizens is committed to supporting affordable housing, so this is a 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.
