11/08/2016
Citizens Bank Provides $8.2 Million Loan for Affordable Housing Development
HOLLIDAYSBURG, PA – Citizens Bank announced today that its Community Development Lending Group is providing $8.2 million in construction financing to Highland Hall Housing, LP, whose sponsor is S&A Homes, for the adaptive reuse of an historic building into a 53-unit affordable housing development for seniors known as Highland Hall in Hollidaysburg, PA.
S&A Homes is a home builder that operates in more than 60 communities throughout Pennsylvania and West Virginia and has built more than 15,000 homes since 1980. S&A is a leading developer of affordable housing in Pennsylvania.
Citizens is the senior lender for the Highland Hall development, which will involve the adaptive reuse and rehabilitation of an existing, vacant structure. The building was originally built in 1840 and is a two- to four-story, elevator-equipped brick structure that upon completion of renovations, will offer 53 units of senior housing to persons age 62 and older. Highland Hall is an important architectural, historical and cultural asset in Blair County. The site is one block from the central business district of Hollidaysburg as well as public transit.
“We value the partnership we have had with Citizens Bank over the years and appreciate the Community Development Lending Group’s expertise and timely execution,” said Andy Haines, Executive Vice President of S&A Homes. “Citizens has always had a strong commitment to affordable housing and to Pennsylvania.”
“This project meets a critical need in the Hollidaysburg community and Citizens’ involvement is a sign of our commitment to supporting affordable housing,” said Daniel K. Fitzpatrick, President of Citizens Bank of Pennsylvania, New Jersey and Delaware.
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
