Washington Trust’s Commercial Real Estate Group has provided $30 million in financing to Newport Apartments for the construction of a 142-unit apartment building in East Providence, Rhode Island. Located on Newport Avenue in the Rumford section of East Providence, this development will consist of 47 studio units, 43 one-bedroom units and 52 two-bedroom units. It will also offer amenities such as a fitness center, main lobby with package room and meeting area, outdoor swimming pool and pool house.
Julia Anne M. Slom – Washington Trust’s Executive Vice President & Chief CRE Officer – commented that high inflation rates combined with an increasingly competitive housing market have made rental properties more popular over recent years. Construction is expected to be completed by October 2024.
