08/21/2017
Citizens Bank Provides $22.5 Million in Construction Financing for Chinatown Eastern Tower Community Center project
PHILADELPHIA – Citizens Bank announced today that its Community Development Lending Group is providing $22.5 million in construction financing for the Philadelphia Chinatown Development Corp. (PCDC) to build the Chinatown Eastern Tower Community Center.
The project will be a 20-story commercial and residential mixed-use facility located at 1001 Vine St. It will include 147 market-rate apartments, three affordable units and 44,200 square feet of commercial/retail space, including a 17,000-square-foot community center. The second floor for the community will include two full-size basketball courts, a banquet hall, weight room, multi-purpose classroom and prep kitchen.
“We greatly value our new partnership with Citizens Bank and appreciate the Community Development Lending Group’s great ideas and seamless execution,” said John Chin, PCDC executive director. “The Philadelphia Chinatown community recognizes Citizens’ strong commitment to Philadelphia and its neighborhoods, and we look forward to continuing to work with the Citizens team on this transformational project.”
PCDC is a grassroots, non-profit, community-based organization whose mission is to preserve, protect and promote Chinatown as a viable ethnic, residential and business community.
“This project meets a critical need in Philadelphia and Citizens’ leadership is another sign of our commitment to the community,” said Daniel K. Fitzpatrick, CFA, president of the Mid-Atlantic Region and head of National Industry Verticals for Citizens Bank.
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
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 $151.4 billion in assets as of June 30, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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