Citizens Bank’s Community Development Lending Group is providing $11.77 million in construction financing to Marydale Preservation Associates whose sponsor is Catholic Ministry to the Elderly, a nonprofit affiliate of the Catholic Diocese of Wilmington, DE.

The loan will provide financing for the substantial renovation of 108 units of affordable housing at Marydale Retirement Village in Newark, DE, that are reserved for seniors at or below 50% of area median income.

“We are very pleased to be part of the Marydale Retirement Village renovation project and to be able to help the team achieve its strategic and financial goals,” said Daniel K. Fitzpatrick, president of Citizens Bank of Pennsylvania, New Jersey and Delaware. “Citizens is committed to supporting affordable housing, so this is a great project for us.”