Home Economy Economic Activity One Neighborhood Builders gets $3M loan from Rhode Island Foundation for apartment...

One Neighborhood Builders gets $3M loan from Rhode Island Foundation for apartment development

ONE NEIGHBORHOOD Builders has secured a $3 million loan from the Rhode Island Foundation to fully fund the first phase of its Center City Apartments development in East Providence. Pictured above is one of three vacant properties on Taunton Avenue One Neighborhood builders purchased for the project. /COURTESY CITY OF EAST PROVIDENCE

EAST PROVIDENCE – One Neighborhood Builders has secured a $3 million loan from the Rhode Island Foundation for the first phase of its Center City Apartments development in the city. The loan announced Wednesday allows the nonprofit to secure financing for the first 95 apartments of the 144-unit development spanning three buildings along Taunton Avenue.

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EAST PROVIDENCE – One Neighborhood Builders has secured a $3 million loan from the Rhode Island Foundation for the first phase of its Center City Apartments development in the city. The loan announced Wednesday allows the nonprofit to secure financing for the first 95 apartments of the 144-unit development spanning three buildings along Taunton Avenue. Groundbreaking and construction are expected to begin this fall. “We’re grateful to the Rhode Island Foundation for their continued partnership and trust in our organization,” said Peter Chapman, One Neighborhood Builders CEO and president. “Access to this capital speeds up our ability to commence construction and in turn gets families into safe and stable affordable housing faster.”  The $3 million loan is the largest to date awarded through the Rhode Island Foundation's Impact Investing Program. “By aligning our financial investments with our mission, we can deploy more of our capital to benefit Rhode Island and can support larger scale or different kinds of projects than we typically do through our grant programs,” said David N. Cicilline, foundation CEO and president.  The development on Taunton Avenue includes the new construction of two four-story buildings and the renovation of an existing four-story building that will take place over two phases of construction.  To purchase the land, ONE Neighborhood Builders pulled the funding together with a $1 million grant from R.I. Housing and a $3.5 million loan from Local Initiatives Support Corp. Rhode Island, in addition to a $154,000 East Providence Community Development Block Grant to cover additional expenses. 
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