Providence, RI – Citizens Bank announced 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, Mass.
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, Mass.
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 2,120sf of commercial space in Northampton, Mass.
Citizens’ Community Development 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 its communities.