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Citizens Bank Provides $18.8MM Construction Loan for Renovation of Historic Philadelphia Manufacturing Plant

March 27, 2019, 09:00 AM
Filed Under: Construction

Citizens Bank announced today that its Community Development Group has provided an $18.8 million construction loan to Gotham Tower LP, an entity sponsored by James Maransky of E-Built, Inc., for the substantial renovation of the vacant historic Gotham Silk Hosier Manufacturing plant, a 10-story, 86,950-square-foot building off North Second Street in Kensington.

The project will convert the plant, which was built in 1922 by Gotham Silk Hosiery, a New York company that expanded its manufacturing operations to Philadelphia, into 84 market rate, loft-style apartments and the construction of 18 new apartments on the site including nine affordable units. The project will also include 6,000 square feet of commercial space, outdoor decks and parking for 60 vehicles.
“It is exciting to reimagine a historic property like the Gotham plant and we greatly value our partnership with Citizens Bank and the Community Development team to make this project a reality,” said James Maransky, President of E-Built. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”
“This project meets an important need in the community and Citizens’ leadership is another sign of our strong commitment to support smart historic renovation to provide more housing options for Philadelphia residents,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals.
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.
Citizens is a trusted strategic and financial adviser, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.

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