Citizens Bank provided construction financing for four affordable housing projects in the Greater Philadelphia region.
PHILADELPHIA—Citizens Bank reports that through its Community Development Group, it has provided a total of $36 million in construction financing for four separate affordable housing projects in Greater Philadelphia.
The Providence, RI-based bank has also announced it provided $30.5 million in construction loans overall for three separate affordable housing projects in Pittsburgh and the surrounding region. The loans were also provided through Citizens' Community Development Group.
In the greater Philadelphia market, Citizens Bank provided an $8-million construction loan to the Nicole Hines Limited Partnership, whose sponsor is the Women's Community Revitalization Project, to 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.
The bank also 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. Citizens also 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.
In the Pittsburgh region, Citizens Bank provided $14.5 million to Riverview Tower Preservation LP, an entity sponsored by the Jewish Federation of Greater Pittsburgh, for the substantial rehabilitation of 191 existing units of senior multi-family housing. Aspire Properties, LP, an entity sponsored by Wesley Family Services, secured a $7-million loan from Citizens for the construction of 36 units of affordable multi-family housing in the New Kensington area. Citizens also provided a $9-million construction loan to Bentleyville Preservation LLC, an entity sponsored by The Michaels Development Company, for the acquisition and substantial rehabilitation of 10 buildings that have 101 units of affordable multi-family housing in Bentleyville, PA.
Citizens Bank, through its Community Development Group, also reports it 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. Shirley Commons LLC, an entity sponsored by The Women's Institute for Housing and Economic Development, secured a $12.5-million construction loan for the development of 58 units of affordable senior multi-family housing in the Shirley area.
Citizens also 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.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
