Boston, MA. Nixon Peabody LLP client Providence Realty Investment (PRI) has completed a portfolio of transactions in Rhode Island that will make a positive impact on the region’s affordable housing at a time when availability and affordability are in short supply.
Nixon Peabody advised PRI in seven refinancing transactions involving nine affordable housing properties across Rhode Island, totaling 708 units of mostly age-restricted affordable housing. The final transaction in the portfolio closed on November 9, 2022. All seven of the transactions, totaling more than $104 million in financing, were completed in conjunction with Rhode Island Housing and Mortgage Finance Corporation (RIHousing), which provides low-interest loans, grants, education, advocacy, and counseling to ensure all people who live and work in Rhode Island can afford safe, healthy homes that meet their needs.
Proceeds from the refinancings will be used for upgrades and repairs at each of the properties. The deals involve new HUD risk-sharing loans from RIHousing under the Treasury-HUD Federal Financing Bank HFA Multifamily Risk Sharing Loan Financing Initiative.
“Access to affordable housing continues to be one of the most prominent challenges across our country,” said Julie Stande, a Nixon Peabody Affordable Housing & Real Estate partner who led the firm’s deal team with PRI. “We are incredibly proud to have worked with PRI on these deals and to help our client move the needle on this vital resource.”
PRI’s Rhode Island affordable housing portfolio is strategically spread around the state in areas that have the greatest need. The properties that were refinanced include:
- Bear Hill Village, Cumberland
- Chateau Clare Apartments, Woonsocket
- Etta Apartments, Providence
- Gatewood Apartments, Smithfield
- Hardig Brook Village Apartments, Warwick
- Indian Run Village Apartments, South Kingstown
- Metcalf Courts I & II, Providence
- Park Avenue Apartments, Cranston
These properties are managed by Wingate Management Company, LLC.
Nixon Peabody previously represented PRI on the acquisition of this Rhode Island affordable housing portfolio and also worked with PRI on financing transactions related to the company’s Massachusetts affordable housing portfolio.