Bank Rhode Island’s commercial real estate division has provided $7.9 million to Cathedral Development Group, Inc., to refinance the Hanora Lippitt Mills housing complex in Woonsocket, RI, according to published reports.

Hanora Lippitt Mills features 117 affordable housing units dedicated for elderly and disabled residents. A historic textile mill whose oldest section was constructed in 1827, the buildings were renovated into apartments during the 1980s.

Currently, the complex is nearly 100% occupied and has a waiting list of approximately one year. It is located within an Opportunity Zone and is positioned near the retail businesses and restaurants of Market Street.

“The location of Hanora Lippitt Mills continues to be a desirable residential area in Woonsocket for renters and a strong neighborhood for continued development,” Andrew Deluski, SVP of Bank Rhode Island’s commercial real estate division, said in a statement.

Photo: Woonsocket’s historic Market Street