Citizens Bank provides $27.5 million in construction financing for housing projects in Philadelphia
Citizens Bank announced today that its Community Development Group has provided a $19 million loan to 2601 Poplar OZ, LLC, whose sponsor is Daniel Greenberg, for the acquisition and construction of a new mixed used project at 2601 Poplar St. in Philadelphia that will have 108 market-rate apartments and 11,000 square feet of commercial space. Equity was provided by a partnership between Sage Real Estate Group and Jay Goldstein. The project will re-develop a vacant property.
Separately, Citizens also provided an $8.5 million construction loan to Equinox Glenwood, LLC, whose sponsor is Jonathan Weiss, for the acquisition and construction of a new mixed used project at 3029-31 W. Glenwood Ave. in Philadelphia that will have 49 market-rate apartments and 1,488 square feet of commercial space. The project will also re-develop a vacant property.
“These housing projects will meet a crucial need in our community and these loans demonstrate Citizens’ strong commitment to support more housing options for Philadelphia residents,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals Banking.
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.