GAIA Lands $83M Refi for Providence-Area Community
The firm has owned the 66-acre property since 2013.
GAIA Real Estate has secured an $83.8 million refinancing loan for Winchester Park & Woods, a 478-unit multifamily community in East Providence, R.I. Greystone underwrote the funding package, which will service the loan from Freddie Mac.
The property was previously subject to a $57.7 million loan from Fannie Mae that originated in 2018, Yardi Matrix shows.
Winchester Park & Woods was built in 1978, and GAIA acquired the property in 2013 from Equity Residential for about $55 million. Since 2021, the firm has completed several renovation projects, including a series of major upgrades to the community’s amenities in 2024.
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The 66-acre property includes a mix of one-, two- and three-bedroom units, 77 of which are townhouses. Unit sizes range from 634 square feet to 1,277 square feet, according to Yardi Matrix.
Community amenities include a pool, tennis and basketball courts, fitness areas, a playground and a dog park, along with nature trails.
Located at 125 Village Green N in the Riverside neighborhood of East Providence, Winchester Park & Woods is about 6 miles outside downtown Providence. The site is within 3 miles of Interstate 195, and Rhode Island T. F. Green International Airport is within 13 miles.
Teaming up again
This deal is GAIA’s second Freddie Mac refinancing with Greystone, one of the nation’s top multifamily lenders. In October 2023, GAIA and joint venture partners Amitim, CAPSSA, Menora Mivtachim and Psagot obtained a total of $223.9 million in financing for a four-property portfolio in Stamford, Conn., totaling 989 units. In that deal, Greystone provided four seven-year fixed-rate Freddie Mac loans with 35-year amortization periods.
Nationally, multifamily loan originations increased 27 percent year-over-year in the third quarter of 2025, according to a Mortgage Bankers Association report. Quarter-over-quarter growth, however, was limited to 12 percent amid lingering lender caution and softer market conditions.
