CBRE arranges sale of Chestnut Commons & 95 Lofts - 151-unit Providence apartment portfolio

Providence, RI Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler negotiated the sale of Chestnut Commons & 95 Lofts, a 151-unit, apartment portfolio located in downtown.

CBRE exclusively represented the seller, two partnerships led by Waldorf Capital Management, a private real estate investment manager, real estate developer, and project consultant, and procured the buyer, Audubon Capital Partners, a private equity real estate firm.

Chestnut Commons & 95 Lofts is a two-property portfolio that offers operational efficiencies across 151 units in total, with 92 units at Chestnut Commons and 59 units directly adjacent at 95 Lofts. Chestnut Commons, a joint venture between Waldorf Capital Management and Marshall Development, was built in 2020, offering a sleek and modern design, while 95 Lofts was redeveloped by Waldorf in 2017, using federal and state historic tax credits and containing the classic charm of a loft conversion. Chestnut Commons offers one, two, and three bedroom apartment homes with an average size of 774 s/f, while 95 Lofts provides apartment homes with an average size of 550 s/f with a mix of studios, one bedroom, and two bedroom apartments. Both properties also include first floor retail space, with 5,820 s/f at Chestnut Commons and 2,951 s/f at 95 Lofts. The amenities offered at Chestnut Commons include a 2,159 s/f fitness center and spin studio, three roof deck areas, and more; 95 Lofts offers amenities such as a resident media and game room, separate bicycle storage racks on four floors, and more.

Positioned adjacent to one another on neighboring Chestnut and Friendship Sts. in the city’s Innovation District, Chestnut Commons and 95 Lofts’ location allows for both communities to benefit from access to major schools, hospitals, employers, and popular amenities in the submarket. Because of this, the properties earned a “Walker’s Paradise” score of 96 from Walkscore for their walkability to employment, cafes, and restaurants.

Legal counsel and advisors for Waldorf and its affiliates on these developments, and in connection with this sale - DarrowEverett LLP Commercial Real Estate & Finance Groups.

Butler said, “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.”