Eastern Bank Provides $31 Million Construction Loan To Wood Partners For 214-Unit Project In Warwick
2119 Post Road
$31,000,000
Building Size
—
Asset Type
MultiFamily
Closing
May 22, 2026
AI
The asset involved in this transaction is a multifamily property located at 2119 Post Road, Warwick, RI, featuring 214 units. The project is part of the 95-acre City Centre master-planned development. The loan amount secured for this construction project is $31,000,000 provided by Eastern Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $31,000,000
- Asset Address: 2119 Post Road
- Market: Warwick, RI
- Units: 214
- Lender: Eastern Bank
- Landlord: Joseph Keough - Wood Partners
- Loan Type: Construction
Joseph Keough represents Wood Partners in this transaction. This construction loan is specifically allocated for the development of Alta Altitude, a luxury market-rate apartment project aimed at enhancing the residential offerings within the Warwick market.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93