11/01/2019
Citizens Bank provides $36 million in construction loans for affordable housing projects in Greater Philadelphia
PROVIDENCE, R.I. – Citizens Bank announced today that its Community Development Group has provided a total of $36 million in construction loans for four separate affordable housing projects in Greater Philadelphia.
An $8 million construction loan to the Nicole Hines Limited Partnership, whose sponsor is the Women’s Community Revitalization Project, will help finance the new construction of 35 units of affordable housing in the city of Philadelphia.
Citizens also provided a $14 million construction loan to Willows at East Greenville, LLC, whose sponsor is Ingerman Company, for the rehabilitation of 71 units of affordable housing in East Greenville, PA.
In addition, Citizens provided a $9 million loan to the Evesham Senior Apartments, an entity sponsored by The Walters Group, to finance the new construction of 68 units of senior affordable housing in Evesham Township, NJ.
Finally, Citizens provided a $5 million construction loan to Springdale II Urban Renewal Associates, LLC, whose sponsor is Pennrose LLC, for the construction of 79 units of senior affordable housing plus one manager’s unit in Cherry Hill, NJ.
“These projects meet a crucial need in the community and are another sign of Citizens’ strong commitment to support more housing options for residents of Greater Philadelphia,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid Atlantic Region and Head of National Industry Verticals Banking.
Citizens’ Community Development Group is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. The Group has committed more than $3 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 20,000 new or rehabilitated housing units and the development of more than 460,000 square feet of commercial space in low- and moderate-income communities served by Citizens. Through Citizens’ Financial Education Community Ambassador program, more than 500 Community Ambassadors have delivered Financial Education sessions to more than 82,600 fellow citizens.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $164.4 billion in assets as of September 30, 2019. 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 1,100 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.
