Updated Oct 29, 2024
Washington Trust's Commercial Real Estate Group Provides $30M Construction Loan For 142-Unit Development Site In East Providence, RI
East Providence, RI
$30,000,000
Units
142
Asset Type
Development Site
Closing
Jul 12, 2023
About this deal
AI
Washington Trust's Commercial Real Estate Group has provided $30 million in financing for the construction of a 142-unit apartment building located on Newport Avenue in East Providence, Rhode Island. The development site is owned by Newport Apartments, LLC.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $30,000,000
- Units: 142
- Lender: Washington Trust's Commercial Real Estate Group - Julia Anne M. Slom
- Landlord: Newport Apartments, LLC
Julia Anne M. Slom, representing Washington Trust's Commercial Real Estate Group, facilitated the loan for the construction project. The financing provided by Washington Trust will support the development of the 142-unit apartment building in East Providence, R.I.
On the Map
$30,000,000
Development Site
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Players
Newport Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93