01/25/2018
Citizens Bank Provides $9 Million in Financing for Rhode Island Historic Mill Renovation and Housing Project
PROVIDENCE, RI – Citizens Bank announced today that its Community Development Group has provided $9 million in financing in the form of a tax-exempt bond to Pawtucket Development Group, LLC for the acquisition and renovation of a vacant historic mill, known as Lippitt Mill, located in West Warwick, R.I., into 65 residential housing units.
Twenty-eight of the units will be available to tenants at or below 60 percent of Area Median Income and 37 units will be market-rate units. The project is financed with Low-Income Housing Tax Credits, Federal and State Historic Tax Credits and Rebuild RI Tax Credits.
“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Kris Shaw, president of Pawtucket Development Group, LLC. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”
The team behind New York-based Pawtucket Development Group has extensive experience with complicated real estate projects like the Lippitt Mill project, converting several other mills in Rhode Island and New York into residential and mixed-use buildings.
“This project meets an important need in the community and Citizens’ leadership is another sign of our strong commitment to supporting affordable housing for Rhode Island residents,” said Keith Kelly, president, Rhode Island, 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 1,200 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.
