06/15/2021
Citizens provides $22.2 million in construction financing for new Roxbury affordable housing project
PROVIDENCE, R.I. – Citizens announced today that its Community Development Group closed two transactions totaling $22.2 million to provide construction financing to the Bartlett Place Building A Development located in the Roxbury neighborhood in Boston.
The project’s sponsor is Nuestra Comunidad Development Corp. The loans provide financing for the new construction of 60 units of affordable housing and 11,600 square feet of commercial space. Sixteen of the units are reserved for tenants at or below 30 percent Area Median Income (AMI);12 of the units are reserved for tenants at or below 50 percent AMI; 23 units for tenants at or below 60 percent AMI; and nine units for tenants at or below 80 percent AMI.
“This loan demonstrates Citizens’ strong commitment to support affordable housing options for Boston residents,” said Jerry Sargent, Northeast Regional Executive and Massachusetts president, Citizens.
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.
For more information, please go to the Citizens website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. 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 3,000 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.
