Partnership Begins Development of 127-Unit Mixed Income Project in Providence, Rhode Island

by Channing Hamilton

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 30 and 120 percent of the area median income. Units will come in studio, one- and two-bedroom floor plans. Phase one is expected to complete in September 2024.

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