WESTERLY – The Washington Trust Co.’s Commercial Real Estate Group recently provided $30 million in financing to Newport Apartments LLC for the construction of a 142-unit apartment building in East Providence.
Located off Route 1A/Newport Avenue in the Rumford section, the apartment development will consist of 47 studio, 43 one-bedroom and 52 two-bedroom units. Amenities will include a fitness center, a main lobby with package room and meeting area, along with an outdoor swimming pool and pool house. Construction is expected to be completed by October 2024.
“High inflation rates and a very competitive housing market have made rental properties more popular over the past several years,” said Julia Anne M. Slom, executive vice president and chief commercial real estate officer. “Washington Trust is pleased to provide financing for this type of development in the city of East Providence.”
The bank’s Commercial Real Estate Group also recently provided $7.4 million in financing to 44 Industrial Drive Owner LLC, an affiliate of RJ Kelly, for the purchase of an 80,000-square-foot, fully leased industrial property in Dover, N.H.
