BankRI Provides $2.4M for East Side Residential Project

BankRI Provides $2.4M to Hillside Realty, LLC to Finance Acquisition, Rehabilitation of Building on Providence’s East Side

Project to result in 22 unit residential apartment building in Providence’s Blackstone neighborhood

PROVIDENCE, R.I. – Just prior to entering the heart of the 2016 holiday season, Bank Rhode Island (BankRI) finalized a transaction to provide $2.4 million in commercial financing to Hillside Realty, LLC. The loan will assist Hillside Realty, LLC with the acquisition of 99 Hillside Avenue in Providence, as well as support the construction and rehabilitation of the multi-unit property.

Once the project is completed, 99 Hillside Avenue will be transformed into a residential apartment building featuring 22 units. The apartment mix will consist of three studios; 14, one-bedroom units; and 5, two-bedroom units. The property is located in the highly desirable Blackstone Neighborhood, which is the largest area of the East Side of Providence.

“Two characteristics of this project that appealed greatly to Bank Rhode Island were the opportunity to revitalize a property for residential use and its close proximity to ‘the Boulevard,’” said Andrew Deluski, Vice President of Commercial Real Estate for BankRI, who facilitated the deal on behalf of the Bank. “Upon its completion, this project will attract a diverse audience of families, professionals and students to a neighborhood in high demand.”

BankRI’s Commercial Real Estate Division provides financing for the construction, refinancing, or purchasing of investment real estate projects. For more information, contact Andrew Deluski at (401) 574-1585.

Bank Rhode Island

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