Pennrose, in collaboration with the I-195 Redevelopment Commission and the City of Providence, has broken ground on Parcel 9 Phase 1, a mixed-use, mixed-income family development in Providence, Rhode Island.
The project will transform the vacant 1-195 Redevelopment District parcel into a 127-unit community with 66 affordable and market-rate apartments, retail space, and an affordable childcare facility. The project will offer a mix of studio, one-, and two-bedroom apartments catering to residents with incomes ranging from 30% to 120% of the AMI. The first phase is set to open in September 2024.
Financing for Parcel 9 Phase 1 includes both 9% and 4% Low-Income Housing Tax Credits from RIHousing, which were syndicated by National Equity Fund, with Eastern Bank participating as the investor. Additionally, Cedar Rapids Bank & Trust will provide permanent debt for the project, while Eastern Bank is responsible for the construction debt.
The post Rhode Island Mixed-Use MF Development Breaks Ground appeared first on Connect CRE.
Pennrose, in collaboration with the I-195 Redevelopment Commission and the City of Providence, has broken ground on Parcel 9 Phase 1, a mixed-use, mixed-income family development in Providence, Rhode Island. The project will transform the vacant 1-195 Redevelopment District parcel into a 127-unit community with 66 affordable and market-rate apartments, retail space, and an …
The post Rhode Island Mixed-Use MF Development Breaks Ground appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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