RHODE ISLAND – FinanceBoston has arranged $5,520,000 in debt and $1,700,000 in equity to acquire and renovate a multifamily apartment community in Cranston, Rhode Island. The property, Dean Estates, consists of 48-units with a mix of 1 and 2-bedroom apartments.
“This acquisition reflects the strong demand for workforce housing in New England,” said Brian Rooney, Principal at FinanceBoston. “Our client secured the property through a competitive auction process and within a relatively short timeline of 45 days, we were able to secure both construction financing and equity for the acquisition. We are excited to see the renovated apartments delivered to the Rhode Island market in the spring.” Shane Carthy, Principal at FinanceBoston, added: “Our bench of equity investors for value-add multifamily is deep, and they understand the resiliency of Class-B apartments in the Greater Boston area.”
FinanceBoston, a real estate capital advisory firm, provides real estate operators & developers with custom capital solutions for acquisitions, developments, and refinances. Founded in 2004, FinanceBoston has earned a loyal client base that continuously relies on the firm’s creative capital advisory solutions for both debt and equity needs.
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