10/10/2017
Citizens Bank Provides $24.4 Million in Financing for Affordable Housing Project in Westwood
BOSTON – Citizens Bank announced today that its Community Development Group is providing $24.4 million in financing to Beacon Communities for the renovation of 180 affordable housing units in an age 62 and over community off Route 109 in Westwood.
The financing includes a $17.8 million equity investment through the Massachusetts Housing Investment Corporation and a $6.6 million construction loan.
“We value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Jamie Pennington of Beacon Communities. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”
“This project meets a critical need in the community and Citizens’ leadership is another sign of our commitment to Greater Boston,” said Jerry Sargent, president, Massachusetts, 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 Commercial Banking 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.
About Beacon Communities LLC
Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market rate housing and mixed income-housing. Their developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that improve the quality of life of their residents and enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC please visit www.beaconcommunitiesllc.com.
