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Washington Trust's Commercial Real Estate Group Provides $30M Construction Loan For 142-Unit Development Site In East Providence, RI
FINANCED
$30,000,000
Rhode Island
See Similar DealsDevelopment Site
Financed 07/12/2023
FINANCED
Washington Trust's Commercial Real Estate Group Provides $30M Construction Loan For 142-Unit Development Site In East Providence, RI
East Providence, RI
See Similar DealsDevelopment Site
Financed 07/12/2023
Summary
RHODE ISLAND
Asset Type:Development Site
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$30,000,000.00
Monthly NOI$200,000.00
Monthly Debt Service$189,620.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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