Pawtucket, RI – May 25, 2021 – Berkadia announced today the financing of 1 Lofts, a 112-unit, loft-style multifamily property in Pawtucket, Rhode Island. Senior Managing Director Kevin Kozminske and Managing Director Yuri Kletsman of Berkadia St. Louis and Berkadia New York, respectively, secured $16,736,000 in HUD 223(f) financing on behalf of the Rhode Island-based client. The deal closed May 13.
The loan has a 35-year term featuring a fixed interest rate.
“This was an excellent use of HUD’s 223(f) program for a recently completed project,” said Kozminske. “The demand for HUD insured financing remains extremely robust.”
The property was originally built in 1920 and was later converted into loft-style apartments. The project was completed in 2018.
Located at 30 Beacher Street, 1 Lofts features 112 units, with a mix of one-bedroom lofts, two-bedroom units, one-bedroom townhome units and two-bedroom townhome units. The property offers an on-site laundry facility, storage units, game room, dog park, tennis and basketball courts and a picnic area. 1 Lofts is conveniently located just outside downtown Providence.