Business & Tech

Citizens Bank Provides $16M Construction Loan for Webster at Rye Expansion

More than 50 new units of assisted living and related common space to the existing skilled nursing facility.

Citizens Bank announced today that it is providing a $16 million construction loan to the Rannie Webster Foundation for the expansion of the Webster at Rye assisted living facility in Rye.

The Rannie Webster Foundation is a not-for-profit organized in 1976 to own and operate the Webster at Rye assisted living and nursing care facility in Rye.

The $16 million loan will be used to add 52 new units of assisted living and related common space to the existing skilled nursing facility.

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“The Citizens Commercial Banking team brings great ideas to the table and was able to execute quickly to help us meet our goals,” said Tom Argue, CEO of Webster at Rye. “Citizens was an excellent partner on this transaction and the Webster at Rye expansion will help provide needed services for more New Hampshire residents.”

“The Rannie Webster Foundation is a great client that provides important services,” said Joe Carelli, President of Citizens Bank in New Hampshire. “The Citizens team was happy to be able to help Webster at Rye management meet their strategic and financial goals.”

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For more information, go to the Citizens Commercial Banking website.

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