BOSTON – FinanceBoston has arranged a $5,300,000 senior debt loan along with $1,250,000 in preferred equity for the construction of a 26-unit adaptive reuse development in Riverside, RI.
Situated on 1.5 acres, this 18,500 SF vacant commercial property formerly operated as a 57-room nursing home. Its location offered a prime opportunity to partner with the city on revitalization efforts. The project will now be transformed into 26 one to two-bedroom apartments, featuring premium finishes and ample on-site parking. The financing structure enables the sponsor to efficiently execute its business plan while adding high-quality housing in a supply-constrained urban neighborhood.
“I am very happy to have assisted our client on securing construction financing for this adaptive reuse development project,” said Caitlyn Feeney, Associate at FinanceBoston. “The site is well positioned in an up-and-coming neighborhood with close proximity to downtown Providence. This development will deliver much needed housing to the area, and we are very pleased with the results.”
FinanceBoston, a real estate capital advisory firm, provides real estate operators & developers with custom capital solutions for acquisitions, developments, and refinances. Founded in 2004, FinanceBoston has earned a loyal client base that continuously relies on the firm’s creative capital advisory solutions for both debt and equity needs.
