08/05/2020
Citizens Bank provides $27.5 million in construction financing for housing projects in Philadelphia
PROVIDENCE, R.I. – Citizens Bank announced today that its Community Development Group has provided a $19 million loan to 2601 Poplar OZ, LLC, whose sponsor is Daniel Greenberg, for the acquisition and construction of a new mixed used project at 2601 Poplar St. in Philadelphia that will have 108 market-rate apartments and 11,000 square feet of commercial space. Equity was provided by a partnership between Sage Real Estate Group and Jay Goldstein. The project will re-develop a vacant property.
Separately, Citizens also provided an $8.5 million construction loan to Equinox Glenwood, LLC, whose sponsor is Jonathan Weiss, for the acquisition and construction of a new mixed used project at 3029-31 W. Glenwood Ave. in Philadelphia that will have 49 market-rate apartments and 1,488 square feet of commercial space. The project will also re-develop a vacant property.
“These housing projects will meet a crucial need in our community and these loans demonstrate Citizens’ strong commitment to support more housing options for Philadelphia residents,” 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 $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.
