02/14/2018
Citizens Bank Provides $7.2 Million in Financing for Affordable Housing Project
ROCHESTER, NY – Citizens Bank announced today that its Community Development Group has provided $7.2 million in financing to Josana Stadium II, LLC, an entity sponsored by two New York developers, Rochester’s Cornerstone Group Ltd. and Charles Settlement House, Inc., for the new construction of 46 units of affordable housing on 30 scattered sites and a community center located in the JOSANA neighborhood of Rochester, N.Y. This project is Phase II in this area and is critical to the overall neighborhood revitalization.
Twenty-eight units will be available to tenants at 50 percent Area Median Income (AMI) and 18 units are available to tenants at or below 60 percent of AMI.
In October 2014, Citizens closed a $6.6 million loan for Josana Stadium LLC, a similar project by co-developers Rochester’s Cornerstone Group Ltd and Charles Settlement House, Inc. that provided 45 units of affordable housing known as Stadium Estates located in the northwest quadrant of Rochester, including several lots directly across from Sahlen’s Stadium.
“Rochester's Cornerstone Group is pleased to work together with the real estate lending team from Citizens Bank. Over the past several years, they have been a terrific provider of equity and construction financing for several projects we have developed,” said Roger Brandt, president of Rochester’s Cornerstone Group Ltd. “The Stadium Estates project, a 46 unit single-family home scattered site project in Rochester provides many Rochester families with the safe, secure, energy-efficient homes in the neighborhood where they wish to live. The housing includes professional management of their homes by Cornerstone.”
“This project meets a critical need in the community and our continued partnership in this neighborhood revitalization effort is another sign of our strong commitment to supporting affordable housing for Rochester residents,” said Ted Smith, Western New York regional executive, Citizens Bank.
Since 2013, Citizens’ Community Development Group has committed nearly $2 billion in loans and investments to support the development and rehabilitation of affordable housing units and economic revitalization activities in our communities. These efforts have resulted in more than 15,000 new or rehabilitated housing units and the development of more than 400,000 square feet of commercial space in low- and moderate-income communities served by Citizens.
Citizens is a trusted strategic and financial adviser, 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 $152.3 billion in assets as of December 31, 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 3,300 ATMs and approximately 1,150 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.
