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CBRE Arranges Sale of Providence Apartments to Audubon Capital

A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler closed the sale of Chestnut Commons & 95 Lofts, a 151-unit apartment portfolio located in downtown Providence, RI. The sale price wasn’t disclosed.
 
CBRE represented the seller, two partnerships led by Waldorf Capital Management, a private real estate investment manager, real estate developer and project consultant. The team also procured the buyer, Audubon Capital Partners, a private equity real estate firm.
 
Butler said, “We are pleased to have represented Waldorf Capital Management in the sale of Chestnut Commons and 95 Lofts, which they developed using creative structures including Rebuild RI tax credits at Chestnut Commons, federal and state historic tax credits at 95 Lofts, and Tax Stabilization Agreements for both properties.  Audubon is poised to benefit from the ongoing transformation of the I-195 District with new medical and life science development set to open in the near future.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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