Long of BankRI provides $2.2 million financing to to SC Parkview Terrace, LLC for acquisition of 83-unit Parkview Terrace

West Warwick, RI The commercial real estate division of Bank Rhode Island (BankRI) finalized a loan to provide $2,242,500 in financing to SC Parkview Terrace, LLC for the acquisition of an 83-unit apartment complex. The borrower opted for a derivative product known as a SWAP, which allowed them to lock into a fixed rate for 10-years. 

Located at 72 Gough Ave. and situated on two acres, the residential complex consists of 83 units that comprise a total of more than 55,000 s/f of gross living area, as well as 162 parking spaces. The apartments are housed in multiple two and three-story wood frame and vinyl-sided buildings built in 1972. In 1995, and again in 2015, the complex underwent extensive renovations.

Of the total number of units, 58 feature one bedroom and one bathroom, while 25 include two bedrooms and one bath. The single bedroom units average 618 s/f of living area; the two-bedroom units average 774 s/f. 

“Helping to ensure the continuity of affordable housing available to Rhode Islanders was among the primary factors driving BankRI’s commitment to financing this project,” said Jane Long, assistant vice president of commercial real estate for BankRI, who facilitated the transaction on the bank’s behalf.