$39.75M refinancing secured for multi-housing portfolio in Rhode Island
JLL Capital Markets arranged the long term, fixed-rate loans for Urban Smart Growth on two historic, loft-style properties
NEW YORK, January 4, 2021 – JLL Capital Markets announced today that it has arranged $39.75 million in financing for two historic, loft-style multi-housing properties totaling 299 units in the Rhode Island communities of Pawtucket and North Providence.
JLL worked on behalf of the borrower, Urban Smart Growth, led by Lance Robbins and Aaron Iskowitz, to place two separate loans with J.P. Morgan. The Village Lofts received a $20.5 million loan, and $18.25 million was financed for Greystone Lofts.
The Village Lofts, once the historic Hope Webbing Company Mill, offers 149 loft-style units averaging 929 square feet. The lofts feature exposed brick and beams, granite countertops, stainless steel appliances, oversized windows and electronic thermostats. The community offers residents storage units, laundry facilities, a game room, fitness center and direct access to the larger Hope Artiste Village complex, an adjacent commercial development featuring office, retail, and industrial spaces. The rehabilitated property, situated at 200 Esten Ave., has quick access to interstate 95 and is a short drive to downtown Providence.
Built in 1900 and converted in 2008, Greystone Lofts, a once thriving textile mill, features 150 units ranging from studios to two-bedrooms. The apartments feature spacious floor plans, high ceilings, oversized windows, exposed brick and beams and oak hardwood floors. The community amenities include a club house, cardio room, billiards, fitness center, media room, fireplace lounge, laundry facility and outdoor grill and picnic area. Located along the Woonasquatucket River at 180 Waterman Ave, the property is near downtown Providence and Interstates 95 and 295.
The Capital Markets Debt Advisory team representing the borrower was led by Managing Directors Peter Rotchford and Scott Aiese and Director Alex Staikos.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Urban Smart Growth
Founded in 2004, Urban Smart Growth is an innovative real estate development and management company committed to the principles of smart growth. With a mission to create diverse, sustainable and successful communities, they advocate transit-oriented, bicycle-friendly land use. “Good Community is Good Business” is their motto. Their goals are to achieve a unique sense of community and expand the range of transportation, employment and housing choices while preserving and enhancing natural and cultural resources.