Adaptive Reuse Project Lands $17M Loan in Providence
- May 31, 2021
Berkadia has arranged a $16.7 million loan for 1 Lofts, a 112-unit infill community in Pawtucket, R.I. The firm worked on behalf of a Rhode Island-based owner to secure a HUD 223(f) financing package for the property. The loan has a 35-year term and a fixed interest rate.
The community is located at 30 Beecher St. and offers a mix of one-bedroom lofts, two-bedroom units, as well as one-bedroom and two-bedroom townhome units, ranging from 1,135 to 2,348 square feet. The residences have an urban design, with hardwood flooring, 15-foot-high ceilings and exposed brick walls. On-site facilities include a laundry room, storage units, a game room, a dog park, tennis and basketball courts, as well as a picnic area.
1 Lofts is close to the upcoming Pawtucket Central Falls Commuter Rail Station and Bus Hub, which will facilitate transit to Providence and Boston. The nearby area is home to other infill communities, as well as several restaurants and supermarkets.
Renew and repurpose
The 1920-built factory underwent an adaptive reuse conversion that was completed in 2018. The property is one of more than a dozen mill redevelopment projects that led to the creation of 1,010 new residential units in Pawtucket between 2004 and early 2020, the Valley Breeze reported. Last year, Pawtucket also had approximately 500 businesses operating from former city mills, according to the newspaper.
Rehabilitating and repurposing obsolete buildings can be a viable solution to breathe new life into abandoned or declining factory sites, as well as former churches and parishes. One such example is the successful conversion of St. Thomas Episcopal Church in Washington, D.C., into a mixed-use project that brought architect Hickok Cole and developer CAS Riegler Cos. the MHN 2020 Excellence Gold Award for ‘Adaptive Reuse.’