Pennrose has broken ground on Parcel 9 Phase 1, a mixed-use, mixed-income family development in Providence, Rhode Island. The project is being developed in collaboration with the I-195 Redevelopment Commission and the City of Providence and will transform a vacant parcel into a 127-unit community featuring 66 affordable and market rate apartments, retail space and an affordable childcare facility. Studio, one-, two bedroom apartments catering to residents with incomes ranging from 30% to 120% of Area Median Income (AMI) are available for occupancy by September 2024.
Financing for Parcel 9 Phase 1 includes both 9% Low Income Housing Tax Credits (LIHTCs) syndicated by National Equity Fund with Eastern Bank as investor along with 4% LIHTCs from RIHousing; Cedar Rapids Bank & Trust providing permanent debt; Eastern Bank responsible for construction debt.
