12/19/2018
Citizens Bank Provides $26 Million in Construction Financing for Orient Heights Redevelopment Project
BOSTON – Citizens Bank announced today that its Community Development Group has provided $26 million in construction financing to Trinity Orient Heights Phase Two LP for the demolition of four existing buildings and replacement of 88 state public housing units, through the new construction of two townhomes and one midrise building. This effort, led by the Boston Housing Authority, East Boston CDC and Trinity Financial, is the second phase of a master plan to redevelop the 331 units of affordable housing located at the existing Orient Heights development in East Boston.
Nine of the units in phase two will be leased to tenants at or below 30 percent Area Median Income (AMI) and the remaining 79 units will be reserved for tenants at or below 60 percent AMI. All of the units will receive either state or federal housing subsidies.
“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Eva Erlich, vice president of development, Trinity Financial. “We look forward to continuing to work with the Citizens team as the construction of this second phase progresses.”
“This project meets a crucial need in the community and we’re excited to work with Trinity Financial and the East Boston CDC to support more affordable housing for Boston residents,” said Jerry Sargent, president, Citizens Bank, Massachusetts.
Since 2013, Citizens’ Community Development Group has committed more than $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 $158.6 billion in assets as of September 30, 2018. 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 2,900 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.
