PROVIDENCE – A total of 708 units of affordable housing spread across nine sites around Rhode Island were the subject of refinancing deals that were completed by real estate company Providence Realty Investment.
The ownership group, advised by law firm Nixon Peabody LLP, completed the transactions in early November, totaling more than $104 million in financing in deals made together with the R.I. Housing and Mortgage Finance Corporation.
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The refinancing deals involve new risk-sharing loans available through the U.S. Department of Housing and Urban Development under the Treasury-HUD Federal Financing Bank HFA Multifamily Risk Sharing Loan Financing Initiative, according to a statement from Nixon Peabody. And the refinancing deals come at a time when the region’s affordable housing is in short supply, ensuring that Rhode Island’s existing affordable housing stays viable for the long-term future, the law firm said.
“Access to affordable housing continues to be one of the most prominent challenges across our country,” said Julie Stande, a Nixon Peabody partner specializing in affordable housing and real estate, who led the firm’s deal team for Providence Realty Investment. “We are incredibly proud to have worked with PRI on these deals and to help our client move the needle on this vital resource.”
Providence Realty Investment acquired this portfolio of federally-subsidized Section 8 housing in Rhode Island in early 2011 for $54.8 million. The company obtained a tax-exempt bond financed mortgage and utilized federal low-income housing tax credits to make the purchase.
Those affordable housing sites that received refinancing include Bear Hill Village at 156 Bear Hill Road in Cumberland; Chateau Clare Apartments at 16 Greene St. in Woonsocket; Etta Apartments at 70 Wild St. in Providence; Gatewood Apartments at 403 Mendon Road in Smithfield; Hardig Brook Village Apartments at 331 Centerville in Warwick; Indian Run Village Apartments at 681 Kingstown Road in South Kingstown; Metcalf Courts I at 555 Veazie St. and Metcalf Courts II at 557 Veazie St in Providence; and the Providence Park Avenue Apartments at 315 Park Ave. in Cranston.
Providence Realty Investment contacts Wingate Management Company LLC to manage its apartment sites.
The apartment sites mostly consist of age-restricted affordable housing units.
Marc Larocque is a PBN contributing writer.
