Nixon Peabody Advises on $104M Refinancing of Affordable Housing Portfolio in Rhode Island

RHODE ISLAND — Nixon Peabody LLP has advised Providence Realty Investment (PRI) in seven separate transactions that refinance debt on nine affordable housing properties across Rhode Island.

The portfolio totals 708 units of mostly age-restricted affordable housing. All seven of the transactions, totaling more than $104 million in financing, were completed in conjunction with Rhode Island Housing and Mortgage Finance Corp. (RIHousing).

Proceeds from the refinancings will be used for upgrades and repairs at each of the properties. The deals involve new HUD risk-sharing loans from RIHousing under the Treasury-HUD Federal Financing Bank HFA Multifamily Risk Sharing Loan Financing Initiative.

The properties that were refinanced include:

  • Bear Hill Village, Cumberland
  • Chateau Clare Apartments, Woonsocket
  • Etta Apartments, Providence
  • Gatewood Apartments, Smithfield
  • Hardig Brook Village Apartments, Warwick
  • Indian Run Village Apartments, South Kingstown
  • Metcalf Courts I & II, Providence
  • Park Avenue Apartments, Cranston

Wingate Management Company LLC operates the communities.

Nixon Peabody previously represented PRI on the acquisition of this portfolio and also worked with PRI on financing transactions related to the company’s Massachusetts affordable housing portfolio.

The Nixon Peabody team working with PRI included Julie Stande, Ali Sisson, Jason Kim, Vienna Kim, and Dara Histed.