Citizens Bank Loans $6.46M for Affordable Rental Housing

The Citizens Bank construction loan provides financing for the new construction of a single, three-story building, containing 36 affordable units, at the former Lincoln Park Amusement Center in Dartmo

📅   Thu December 17, 2015 - Northeast Edition


Paul and Robert Carrigg have been real estate developers for more than 30 years, completing single- family, multi-family and commercial developments in the Bristol County, Mass., area.
Paul and Robert Carrigg have been real estate developers for more than 30 years, completing single- family, multi-family and commercial developments in the Bristol County, Mass., area.

Citizens Bank’s Community Development Lending Group has provided a $6.46 million construction loan to Lincoln Park Place LLC, an affordable rental housing development in Dartmouth to be built by local developers Paul and Robert Carrigg.

The Citizens Bank construction loan provides financing for the new construction of a single, three-story building, containing 36 affordable units, at the former Lincoln Park Amusement Center in Dartmouth. Financing also included $7 million in state and federal Low Income Housing Tax Credit equity, $3.5 million in state funding, $100,000 in town funding and a permanent loan through Fall River-based Bay Coast Bank.

Paul and Robert Carrigg have been real estate developers for more than 30 years, completing single- family, multi-family and commercial developments in the Bristol County, Mass., area.

“We enjoyed working with Citizens Bank on this project,” Paul Carrigg said. “Citizens Bank moved forward in a timely fashion to help get this transaction closed. This development offers southeastern Massachusetts residents more options for affordable housing, which is an important goal for us and for Citizens.”

“We are pleased to work with the Carrigg family on this project and to help the development team achieve its strategic and financial goals,” said Quincy Miller, president of Citizens Bank in Massachusetts.

For more information, visit www.citizensbank.com.