According to Citizens Bank, its Community Development Lending Group has provided a $4.5 million construction loan for CHR Stable Path LP, a 23-unit mixed-income rental housing development by Community Housing Resource, Inc. located off Race Point Rd.
Community Housing Resource, Inc. was founded in 1996 by Ted Malone, and develops and manages affordable rental and homeownership housing, as well as commercial development, on outer Cape Cod.
The Citizens Bank loan provides financing for the new construction of 10 multi-family buildings on a single site, with 78% of the units offered to qualified low-income families, and 22% of the units offered to middle-income families. Financing also includes $3 million in Citizens Bank Low-Income Housing Tax Credit investment equity though syndicator sponsor, Stratford Capital Group; $3 million in state, county and municipal loans; and a permanent loan through Mass. Housing Partnership, Citizens' One Source financing partner.
"We enjoyed working with Citizens Bank on this financing," said Community Housing Resource, Inc. president Ted Malone. "The deal team at Citizens was very responsive and moved forward in a timely fashion to help get this development closed. This development offers Cape residents more options for affordable housing, which is an important goal of both CHR and Citizens Bank."
"Community Housing Resource, Inc. is a great client and partner," said Jerry Sargent, president of Citizens Bank in Massachusetts. "We are pleased to be part of this important development and to help the CHR team achieve their strategic and financial goals."
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. 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. In Consumer Banking, Citizens helps its retail customers "bank better" with mobile and online banking, a 24/7 customer contact center and the convenience of 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. 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 hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania.