Washington Trust Provides $30M in Financing to Newport Apartments, LLC

Washington Trust'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, R.I.

The subject development, located off Route1A/Newport Avenue in the Rumford section of East Providence, will consist of 47 studio, 43 one-bedroom and 52 two-bedrooms units, and is conveniently located three miles south of I-95 and Route 6 and approximately three miles north of I-195. 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. 

"With high inflation rates and a very competitive housing market making rental properties more popular over the past several years," said Julia Anne M. Slom, Washington Trust's Executive Vice President & Chief Commercial Real Estate Officer, "Washington Trust is pleased to provide financing for this type of development in the City of East Providence."

Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects.

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