11/06/2017
Citizens Bank Provides $17 Million in Financing for Affordable Housing Project
UPPER DUBLIN, Pa. – Citizens Bank announced today that its Community Development Group has provided $17 million in financing to NHM Housing, LP, a partnership of Pennrose Properties, LLC and the Montgomery County Housing Authority, for a redevelopment project that will replace 50 units of outdated public housing at 300 Linden Ave. known as North Hills Manor.
The existing 50 units of housing – built in 1954 – will be demolished and replaced with 50 new apartment units in 17 residential buildings ranging in size from one- to four-bedrooms. The redevelopment will also feature a brand-new community building that will include a common room, computer lab and property management offices. The units will be for families with incomes at or below 60 percent Area Median Income.
The modernized townhouse and twin-style apartments will include modern kitchens and all buildings will be LEED certified.
“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Richard K. Barnhart, Pennrose Properties chairman and CEO. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”
Pennrose Properties, LLC and its affiliates has developed more than 14,000 rental housing units in 12 states plus the District of Columbia. It is one of the leading developers in the nation of mixed-finance projects, having been a designated redeveloper in over 80 municipalities.
The Montgomery County Housing Authority is a nonprofit government entity that provides housing and homeownership opportunities for low and moderate income persons and families.
“This project meets an important need in the community and Citizens’ leadership is another sign of our strong commitment to supporting affordable housing for Pennsylvania residents,” said Daniel K. Fitzpatrick, president, Pennsylvania, New Jersey and Delaware, 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 September 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.
