RI Property Lands $13M
- Feb 20, 2018
EagleBridge Capital has arranged a $12.7 million mortgage financing for 95 Lofts, a 59-unit community with ground-floor retail in downtown Providence, R.I. A Massachusetts financial institution provided the non-recourse loan for the historically-renovated building.
The six-story property is located at 95 Chestnut St. in the Knowledge District, close to the historic Jewelry District. Brown University’s Warren Alpert Medical School and its Molecular Medicine Building are in close proximity, while Johnson and Wales University and Lifespan’s world headquarters are also within walking distance.
Formerly known as the Irons and Russell Building, 95 Lofts was constructed in 1904 and has undergone significant renovations over time. The upgrades honored the original design, with period details faithfully restored, such as the original birdcage elevator, stairway subway tile and terrazzo tile floors.
The building also offers 2,500 square feet of retail space. Residential units include smartphone entry systems, efficient HVAC system and high-speed Wi-Fi. The multifamily property also features:
- good natural illumination
- exposed brick walls
- high ceilings
- original maple floors
- kitchens with Energy Star rated appliances
- ample storage space
The EagleBridge team representing the lender included Principals Brian Sheehan and Ted Sidel, while law firm DarrowEverett worked on behalf of the borrower.
Last December, another Providence-area multifamily community landed a $23.5 million refinancing loan provided by Hunt Mortgage Group.
Image via Google Maps