BOSTON – Citizens Bank announced that its Community Development Group has provided $26 million in construction financing to Trinity Orient Heights Phase Two LP for the demolition of four existing buildings and replacement of 88 state public housing units, through the new construction of two townhomes and one midrise building.
This effort, led by the Boston Housing Authority, East Boston CDC and Trinity Financial, is the second phase of a master plan to redevelop the 331 units of affordable housing located at the existing Orient Heights development in East Boston.
Nine of the units in phase two will be leased to tenants at or below 30 percent Area Median Income (AMI) and the remaining 79 units will be reserved for tenants at or below 60 percent AMI. All of the units will receive either state or federal housing subsidies.
“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Eva Erlich, vice president of development, Trinity Financial. “We look forward to continuing to work with the Citizens team as the construction of this second phase progresses.”
“This project meets a crucial need in the community and we’re excited to work with Trinity Financial and the East Boston CDC to support more affordable housing for Boston residents,” said Jerry Sargent, president, Citizens Bank, Massachusetts.
Since 2013, Citizens’ Community Development Group has committed more than $2 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 15,000 new, or rehabilitated, housing units and the development of more than 400,000 square feet of commercial space in low- and moderate-income communities served by Citizens.