11/01/2019
Citizens Bank provides $37 million in construction loans for affordable housing projects in Brookline, Shirley and Falmouth
PROVIDENCE, R.I. – Citizens Bank announced today that its Community Development Group has provided $36.5 million in construction loans for three affordable housing projects in Massachusetts.
Citizens provided a $17 million loan to 2Life 370 Harvard LLC, an entity sponsored by 2Life Communities, for the construction of 62 units of affordable senior multi-family housing in Brookline.
Citizens also announced a $12.5 million construction loan to Shirley Commons LLC, an entity sponsored by The Women’s Institute for Housing and Economic Development, for the construction of 58 units of affordable senior multi-family housing in the Shirley area.
Finally, Citizens provided a $7.5 million construction loan to help finance Little Pond Palace, a joint venture between Affirmative Investments, Inc. and the Falmouth Housing Project that will feature 40 new units of affordable multi-family housing in Falmouth.
“These projects meet a growing need in the commonwealth and demonstrate Citizens’ strong commitment to support more housing options for Massachusetts residents,” said Jerry Sargent, Massachusetts President, Citizens Bank.
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.
