PROVIDENCE – Bank Rhode Island this month provided a $1.3 million mortgage to help fund the acquisition of an apartment building on the East Side of Providence.
The commercial mortgage was made with Esteoeste LLC to purchase the building at 132 Elton St. The six-unit building is at full occupancy, according to a press release.
Tenants mostly comprise students from Brown University, Johnson & Wales University and the Rhode Island School of Design.
“Residential rental units on the East Side of Providence are always in high demand, particularly among students and young professionals,” said Jane Long, assistant vice president of commercial real estate at Bank Rhode Island.
Esteoeste, based in Cambridge, Mass., plans to keep the building residential, according to Bank Rhode Island.
“Our client is committed to preserving this property for residential use and we are pleased to have been able to meet their financial needs to acquire a multiunit building that’s conveniently located near Wayland Square and Blackstone Boulevard,” Long added.
Bank Rhode Island is wholly owned by Boston-based Brookline Bancorp Inc. Headquartered in Providence, Bank Rhode Island has 20 branches throughout the state.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
