Pennrose, in collaboration with the I-195 Redevelopment Commission and the City of Providence, has broken ground on Parcel 9 Phase 1, a mixed-use, mixed-income family development in Providence, Rhode Island.  

The project will transform the vacant 1-195 Redevelopment District parcel into a 127-unit community with 66 affordable and market-rate apartments, retail space, and an affordable childcare facility. The project will offer a mix of studio, one-, and two-bedroom apartments catering to residents with incomes ranging from 30% to 120% of the AMI. The first phase is set to open in September 2024. 

Financing for Parcel 9 Phase 1 includes both 9% and 4% Low-Income Housing Tax Credits from RIHousing, which were syndicated by National Equity Fund, with Eastern Bank participating as the investor. Additionally, Cedar Rapids Bank & Trust will provide permanent debt for the project, while Eastern Bank is responsible for the construction debt.