Citizens Financial : Bank provides $24.2 million in construction loans for Massachusetts affordable housing projects

02/18/2020

Citizens Bank provides $24.2 million in construction loans for Massachusetts affordable housing projects

PROVIDENCE, R.I. -Citizens Bank announced today that its Community Development Group has provided$24.2 million in construction loans for three separate affordable housing projects in Massachusetts.

Citizens is providing an $11.7 million loan to RHW Development LLC, whose sponsors are EA Fish Development and Planning Office for Urban Affairs, for the new construction of 64 units of senior affordable housing at 1 Robert Road in Ashland, MA.

Citizens is providing a $10 million equity bridge loan as a portion of the construction financing for Roosevelt Towers Family LLC, whose sponsor is the Cambridge Housing Authority. The loan will finance the substantial rehabilitation of 112 units of affordable housing in Cambridge, MA.

Citizens is also providing a $2.5 million construction loan to 35 Village Hill Road LLC, whose sponsor is The Community Builders, for a new, mixed-used project, which will contain 12 affordable housing apartments and 2,120 square feet of commercial space in Northampton, MA.

'These projects meet important needs in these communities and demonstrate Citizens' strong commitment to support more housing options for Massachusetts residents,' said Jerry Sargent, President of Citizens Bank, Massachusetts, and Head of the Northeast.

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 $165.7 billion in assets as of December 31, 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 2,700 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.comor visit us on Twitter, LinkedInor Facebook.