Citizens Bank announced that Citizens Commercial Banking is providing $17.5 million in charter school financing to Boston Prep, a public charter school, for the construction and permanent financing of a new public charter school building at 885 River St. in Hyde Park.

Founded 12 years ago, Boston Prep has 415 students currently enrolled and 140 alumni enrolled in colleges and universities across America.

“The Citizens Commercial Banking Not-For-Profit team was an excellent partner on this transaction,” said Sharon Liszanckie, Executive Director of Boston Prep. “Citizens’ knowledge of public charter schools as well as its proven execution were key differentiators in selecting them and they were also able to provide a range of financing products to help us meet our goals.  We are thrilled now to be able to deliver a permanent home for the students, teachers and families who have worked so hard to make Boston Prep successful.”

Citizens’ Not-for-Profit Banking group has a team that specializes in providing charter school financing. In addition to providing credit, Citizens also provides treasury solutions, cash management, interest rate risk management and commercial card programs tailored specifically for the needs of charter schools.

“Boston Prep is a great client that provides important educational opportunities and a path to college,” said Bruce Figueroa, Head of Not-For-Profit Banking for Citizens Bank. “The Citizens team is glad to be able to help the Boston Prep administration and board meet their strategic and financing goals.”