PROVIDENCE – The Rhode Island Infrastructure Bank recently approved a $400,000 loan for a mixed-use redevelopment project in downtown Pawtucket, according to a news release.
The loan, through the bank’s Brownfields Revolving Loan Fund, will help pay for environmental remediation on Nexus Lofts’ project at 49 North Union St. The building once housed the Feldman Furniture company but has been vacant for decades, The Valley Breeze reported.
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Once completed, the redevelopment project will include 27 apartments with ground floor office or retail space.
The Brownfields Revolving Loan Fund offers financing for remediation and reuse of properties with hazardous substances. Recipients must be designated as priority projects by the R.I. Department of Environmental Management to apply for a loan.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
