Citizens Bank provides $6.3 million construction loan for Westford affordable rental housing development

Citizens Bank announced today that its Community Development Lending Group has provided a $6.3 million rental construction loan for SB2 Housing LP, an affordable rental housing development by Common Ground Development Corporation, a Lowell-based subsidiary of Community Teamwork, Inc.

The Citizens Commercial Banking loan provides financing for the new construction of seven multi-family buildings, containing 36 affordable units, on a single site located in Westford and adjacent to the successful Phase I, completed in 2010. Financing also included $5 million in Low Income Housing Tax Credit equity, $1.7 million in state funding, $400,000 in town funding and a permanent loan through Massachusetts Housing Partnership, Citizens’ One Source financing partner.

Formed in 2002, Common Ground Development Corporation develops and manages affordable rental and homeownership housing within the 24 Merrimack Valley communities of Massachusetts.

“Community Teamwork and Common Ground highly value the partnership with Citizens Bank on this project that will help us further our goals to provide affordable housing and fulfill our mission to help our clients become and remain self-sufficient,” said Bill Lipchitz, Director of Real Estate Operations for both organizations.

“Common Ground Development Corporation is an excellent client and partner,” said Jerry Sargent, President of Citizens Bank in Massachusetts. “We are pleased to be part of this important development and to help the Common Ground Development team achieve their strategic goals.”