PROVIDENCE – Bank Rhode Island recently made a $4.5 million loan to help finance a 41,375-square-foot mixed-use construction project in Providence.
The bank made the loan with 93 Cranston Street LLC, a group formed to build the new complex that will include retail and residential space. The financing will convert to a permanent loan upon completion of the construction, according to the bank.
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“This is a project that we are really excited to be part of, and pleased to have been able to meet the financial needs of our client,” said Andrew Deluski, vice president and senior business lender in the commercial real estate division of the bank.
The project is already underway at 93 Cranston St. It will comprise two buildings.
The first will include four flours and 30 residential apartments with ground-level parking. The apartments will include low-income units.
The second building will be home to the much-anticipated Urban Greens Food Co-op grocery store. Urban Greens, a nonprofit, was established in 2001 and is owned by its 720 members.
“The store will promote healthy, affordable, local and sustainably sourced products to all income levels, and will be open seven days a week,” according to a press release.
Bank Rhode Island, a subsidiary of Boston-based Brookline Bancorp Inc., expects the project to be finished by October 2018.
“In addition to furthering the area’s revitalization, the project has garnered attention for the affordable housing it will provide, coupled with its convenient location – within walking distance to Broadway and Federal Hill neighborhoods,” Deluski added.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
