Citizens Bank provides $36.5 million in construction loans for three affordable housing projects

December 20, 2019 - Front Section
Rendering of 370 Harvard - Brookline, MA

Brookline, MA According to Citizens Bank, its community development group 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 at 370 Hardvard St. in Brookline.

Citizens also placed a $12.5 million construction loan to Shirley Commons LLC, an entity sponsored by The Women’s Institute for Housing and Economic Development, for the construction of 58 units of affordable senior multi-family housing in the Shirley area. 

Rendering of the Falmouth property
Rendering of the Shirley property

Finally, Citizens 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.

“These projects meet a growing need in the commonwealth and demonstrate Citizens’ strong commitment to support more housing options for Massachusetts residents,” said Jerry Sargent, Massachusetts president, Citizens Bank.

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