Providence, RI Just prior to entering the heart of the 2016 holiday season, Bank Rhode Island (BankRI) finalized a transaction to provide $2.4 million in commercial financing to Hillside Realty, LLC. The loan will assist Hillside Realty, LLC with the acquisition of 99 Hillside Ave., as well as support the construction and rehabilitation of the multi-unit property.
Once the project is completed, 99 Hillside Ave. will be transformed into a residential apartment building featuring 22 units. The apartment mix will consist of three studios; 14, one-bedroom units; and 5, two-bedroom units. The property is located in the Blackstone Neighborhood, which is the largest area of the east side.
“Two characteristics of this project that appealed greatly to Bank Rhode Island were the opportunity to revitalize a property for residential use and its close proximity to ‘the Boulevard,’” said Andrew Deluski, vice president of commercial real estate for BankRI, who facilitated the deal on behalf of the Bank. “Upon its completion, this project will attract a diverse audience of families, professionals and students to a neighborhood in high demand.”