11/08/2016
Citizens Bank Provides $6.5 Million Financing for Affordable Housing Development
CORUNNA, MI – Citizens Bank announced today that its Community Development Lending Group is providing $6.5 million in financing to Cavalier Greene Limited Dividend Housing Association, LP, whose sponsor is Westerville, OH-based The Woda Group, for the adaptive reuse of an historic former school into a 40-unit affordable housing development in Corunna.
Established in 1990, The Woda Group, Inc. and its affiliates are nationally recognized and experienced developers, general contractors and property managers. Last year, Woda ranked as the sixth largest affordable housing developer in the country.
Citizens is senior lender on the project, which involves the adaptive reuse of an existing three-story former school built in 1912 into a 40-unit affordable housing development for families known as Cavalier Greene.
“We value our partnership with Citizens Bank, which began about a year ago with an excellent project in Pennsylvania, and we appreciate the Community Development Lending Group’s great ideas and timely execution,” said David Cooper Jr., Principal of The Woda Group. “Citizens has a very strong commitment to affordable housing and to the communities it serves.”
“This project meets a critical need in the community and Citizens’ involvement is a sign of our commitment to supporting affordable housing,” said Rick Hampson, President of Citizens Bank, Michigan.
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 $147 billion in assets as of September 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 wealth management, 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
