PROVIDENCE – The Commercial Real Estate division of Bank Rhode Island recently provided $6.5 million to Washington Street Holdco LLC for the construction of a four-story apartment complex in Providence, the bank announced.
The complex, which is being built at 473 Washington St., broke ground in late spring and is expected to be completed by the end of the year, according to a news release.
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Once finished, the property, which will be known as Washington Street Apartments, will house 27 market-rate residential apartments, consisting of 24 one-bedroom and three two-bedroom units, according to the release. The units will feature a modern floor plan with high-end amenities, appliances and countertops.
The project’s architecture and design are being led by ZDS Inc. Architecture & Interiors.
“There continues to be both a high demand for apartment units in Providence and a strong appetite for projects among developers,” Andrew Deluski, senior vice president, commercial real estate for BankRI, said in a statement. “This is an exciting project that not only helps to meet an important need in our capital city but takes a previously vacant parcel of land and makes it vibrant in the process.”
