Rhode Island Mixed-Use MF Development Breaks Ground
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.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.