08/05/2020
Citizens Bank provides $22.4 million letter of credit for senior affordable housing project at former Irondequoit Mall
PROVIDENCE, R.I. – Citizens Bank announced today that its Community Development Group has provided a $22.4 million Direct Pay Letter of Credit to provide credit enhancement for the issuance of tax-exempt bonds by SLM Apartments, LLC, whose sponsor is Pathstone Development Corporation.
The SLM Apartments LLC project involves the purchase, rehabilitation and construction of 157 units of senior affordable housing in two separate, adjacent buildings located at 200 Medley Center Parkway: a former Sears, which will contain 73 units, and a new four-story building, which will contain 84 units. The two buildings will be connected by an enclosed sky bridge. The units will be marketed to seniors earning up to 60 percent Area Median Income (AMI) with half of the units set aside for frail elderly seniors. These units will be subsidized using the Empire State Supportive Housing Initiative (ESSHI) operating and rental subsidy.
The site is part of the vacant former Irondequoit Mall that is undergoing a complete rehabilitation. The other tenants include Ronald McDonald House and a call center.
“This loan demonstrates Citizens’ strong commitment to support affordable housing options for Rochester area residents,” said J. Theodore Smith, President of Citizens Bank, Upstate New York.
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 $179.9 billion in assets as of June 30, 2020. 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 2,700 ATMs and approximately 1,000 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 a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
