**CBRE Arranges Sale of Chestnut Commons & 95 Lofts in Providence**
CBRE has successfully closed the sale of a 151-unit apartment portfolio located in downtown Providence, Rhode Island. The portfolio includes Chestnut Commons and 95 Lofts. While the sale price was not disclosed, the transaction was facilitated by a CBRE team led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler.
The seller included two partnerships managed by Waldorf Capital Management, a private real estate investment manager, developer, and project consultant. CBRE also represented and secured the buyer, Audubon Capital Partners, a private equity real estate firm.
Simon Butler commented on the transaction, stating, “We are pleased to have represented Waldorf Capital Management in the sale of Chestnut Commons and 95 Lofts, which they developed using creative structures including Rebuild RI tax credits at Chestnut Commons, federal and state historic tax credits at 95 Lofts, and Tax Stabilization Agreements for both properties. Audubon is poised to benefit from the ongoing transformation of the I-195 District with new medical and life science development set to open in the near future.”
With its strategic location and significant development incentives, the portfolio is positioned to contribute to and benefit from the continued revitalization of downtown Providence.
