PROVIDENCE – Bank Rhode Island’s commercial real estate division recently closed a $10.5 million financing deal for a new residential project on Providence’s East Side, according to a news release.
The loan to 18p GMC LLC will help the company cover acquisition and conversion costs for its project to turn the former Tockwotton building into a 71-unit apartment complex known as the Residences at India Point.
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The project is expected to begin later this year, with a fall 2024 completion date. A majority of the 71 units within the five-story building will be studio and one-bedroom units, with plans to preserve the building’s original layout through primary walls defining the main corridors and stair halls, according to the release.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
