Bank Rhode Island provides $2M for 2 Edgewood residential units

PROVIDENCE – Bank Rhode Island recently provided a $2 million financing package for two Cranston properties.

The deal was made with Pontiac Properties LLC and Grand Investment LLC for the acquisition of two multifamily homes in the Edgewood neighborhood, according to a press release.

“The Edgewood section of Cranston is a highly desirable residential neighborhood thanks to its proximity to Providence, amenities, public transportation and local services,” said Jane Long, assistant vice president of commercial real estate. “There is a strong demand for apartment units in this market.”

Pontiac Properties acquired the building at 1690 Broad St. Grand Investments purchased the property at 219 Grand Ave.

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Bank Rhode Island is a subsidiary of Brookline Bancorp Inc. of Boston.

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