Citizens Bank announced its Community Development Group has provided $29.5 million in construction loans to MM Poth Brewery LLC and Off Road Poth Bridge Member, LLC, entities sponsored by MM Partners, LLC, for the adaptive re-use and substantial renovation of the vacant historic Poth Brewery Plant.
The project will convert the landmark 148-year-old brick Brewerytown plant into 132 market-rate apartments comprised of 56 studios, 71 one-bedroom units and five two-bedroom units in an opportunity zone in Philadelphia. The building will also have 25,000 square feet of commercial space.
“It is really exciting to be able to revitalize a neglected historic property like the Poth Brewery Plant and to increase the housing stock in the city of Philadelphia,” said David Waxman, founder and managing partner of the developers MMPartners. “We value our partnership with Citizens Bank and the Community Development team to make this project a reality.”
“This project reimagines a blighted property and will strengthen the neighborhood. As a bank, we are committed to supporting smart historic renovation that can provide more housing options for Philadelphia residents,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals.
Citizens’ Community Development Group is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. The Group has committed more than $3 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 20,000 new or rehabilitated housing units and the development of more than 460,000 square feet of commercial space in low- and moderate-income communities served by Citizens. Through Citizens’ Financial Education Community Ambassador program, more than 500 Community Ambassadors have delivered Financial Education sessions to more than 82,000 fellow citizens.