IRONDEQUOIT, N.Y. (WROC) — Citizens Bank announced that it has provided a $22.4 million Direct Pay Letter of Credit to provide credit enhancement for the apartment project going into the former Irondequoit Mall.
“The SLM Apartments LLC project involves the purchase, rehabilitation and construction of 157 units of senior affordable housing in two separate, adjacent buildings located at 200 Medley Center Parkway: a former Sears, which will contain 73 units, and a new four-story building, which will contain 84 units,” a press release reads.
In January of this year, Irondequoit Town Supervisor Dave Seeley and other local officials broke ground at the former mall to transform the area into Skyview on the Ridge. The project will cost more than $9 million and in addition to the senior center, will include meeting rooms, a common area and fitness center. Barring the fitness center — it will be free to use.
“This loan demonstrates Citizens’ strong commitment to support affordable housing options for Rochester area residents,” President of Citizens Bank in Upstate New York J. Theodore Smith said.
This is a developing story. News 8 WROC will provide updates as they become available.