WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm headquartered near Boston, has arranged a $3.3 million bridge loan for a development project in Warwick. The site currently serves as a parking lot. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender. The borrower, Skydra Development, plans to construct a four-story, 210-unit community on the site. The property will offer one- and two-bedroom apartments.
EAST GREENWICH, R.I. — Pennrose has begun constructing Frenchtown Road Apartments, a 63-unit affordable housing community in East Greenwich. The building will rise four stories and offer one- and two-bedroom floor plans. Units will be affordable to residents earning at or below 30 percent and up to 120 percent of the area median income. Construction is scheduled the complete in fall of 2024. Cove Homes Inc. will oversee management and support services at the property. Support services at the community will include resources such as case management, free and low-cost …
PROVIDENCE, R.I. — A partnership comprising developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income project in Providence’s Fox Point neighborhood. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt. The first phase of development will deliver 66 affordable and market-rate units, as well as retail space and a childcare facility. Income-restricted units will be affordable to households earning between …