Citizens Bank provides $3.5 million construction loan to Chandler Place Apartments LP

Plaistow, NH Citizens Bank’s Community Development Lending Group has provided $3.5 million in construction financing to Chandler Place Apartments LP, whose sponsor is Steven Lewis, Inc., for the new construction of a low-rise building with 25 affordable senior housing units.

The project at 18 Chandler Ave., will have five units reserved for seniors at or below 50% of area median income (AMI) and 20 units for tenants at or below 60% of AMI. 

“We value our partnership with Citizens Bank and appreciate the Community Development Lending Group’s great ideas and timely execution,” said Steven Lewis, who is partnering with Timothy Kleiner and Gino Baroni to develop Chandler Place Apartments. “Citizens’ commitment to affordable housing is clear and the bank’s experience with these types of transactions makes a big difference.”

“We are very pleased to be part of the Chandler Place Apartments project and to be able to help the development team achieve its strategic and financial goals,” said Joe Carelli, president of Citizens Bank for New Hampshire and Vermont. “Citizens is committed to supporting affordable housing, and this project meets a very important need in the greater Plaistow community.”

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $145.2 billion in assets as of June 30, 2016. 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 approximately 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 as Citizens Bank, Citizens Commercial Banking and Citizens One.