11/08/2016
Citizens Bank Provides Loan for Redevelopment of Historic Property
PITTSBURGH – Citizens Bank announced today that its Community Development Lending Group is providing $783,000 in construction financing to Homestead Hardware Partners, LP, whose sponsor is a.m. Rodriguez Associates.
Founded in 1974, a.m. Rodriguez Associates is a real estate development company working in Western Pennsylvania and Ohio. It has developed 3,000 units and currently owns and manages 22 buildings comprising 1,300 units of affordable as well as market rate housing for families and seniors.
The funds will be used for the renovation of the former Levine Bros. Hardware building at 337 Eighth Ave., a 19,950 square-foot historic commercial building.
The first floor and basement of the original structure was a longstanding community hardware store. It will now be converted into Trios Brewing Company, a craft brewery featuring craft beers and authentic Spanish tapas. The second story is comprised of Club Lanes, a long-standing bowling alley. The bowling alley has operated there since the 1950s, and still continues to operate very active leagues and open bowling for the community.
Citizens served as senior lender and this is the second deal the bank has closed recently with a.m. Rodriguez Associates. In August, Citizens provided $10.1 million in construction financing to Greenville Housing Partners, LP, for the renovation of the 101-unit Reynolds West Estates affordable housing development in Greenville, PA.
“We value our strategic and financial partnership with Citizens Bank and appreciate the Community Development Lending Group’s great ideas and timely execution,” said Victor Rodriguez, President of a.m. Rodriguez Associates. “Citizens has a strong commitment to strengthening the community in Pittsburgh.”
“This project meets an important need and Citizens’ involvement is a sign of our commitment to supporting the community,” said Mark Latterner, Pittsburgh Market President of Citizens Bank.
For more information about Citizens, visit the Citizens Commercial Banking 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
