Affordable low-rise senior housing coming to Plaistow
Low-rise building will feature 25 housing units
Citizens Bank's Community Development Lending Group is providing $3.5 million in construction financing to Chandler Place Apartments LP for the new construction of a low-rise building with 25 affordable senior housing units.
The project, at 18 Chandler Ave. in Plaistow, will have five units reserved for seniors at or below 50 percent of area median income and 20 units for tenants at or below 60 percent of area median income.
“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.”