PROVIDENCE – Bank Rhode Island made a $3.4 million loan to help turn a downtown Providence building into apartments.
The loan, made with Weybosset LLC, has gone toward the renovation of 259 Weybosset St. The building will comprise six residential apartment units between 1,100 and 1,300 square feet, according to a press release.
The apartments will be on the top three floors. The ground floor will be retail space.
The apartment building is located across the street from Johnson & Wales University, which allows for student housing. The six apartments will comprise 27 bedrooms, fully furnished, and leasing will target college and university students.
“Housing for students, particularly in downtown Providence where tens of thousands attend our great universities, is among the most desirable property in the state,” said Jane Long, assistant vice president of commercial real estate banking at Bank Rhode Island.
The building is already 70 percent preleased, according to a press release.
Developer Dustin Dezube, principal of Weyboseet LLC, told Providence Business News earlier this year he plans to seek federal historic preservation tax credits to help pay for the conversion. He purchased the building in 2014.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or you can follow him on Twitter @Eli_Sherman.
