BOSTON – Fantini & Gorga has arranged $10,720,000 in acquisition financing for Grant Mill, a historic mill that was converted into 85, market-rate, urban loft-style apartments in 2009.
Located in Providence’s vibrant Federal Hill neighborhood, within walking distance to Downtown Providence, Grant Mill offers unique layouts and finishes in an excellent location.
“Being an acquisition we took comfort in finding a loan that fixed the rate at application eliminating interest rate risk while our client was able to focus their attention on due diligence” stated Derek Coulombe, Managing Director at Fantini & Gorga, who together with Despina Hixon, Director, arranged the financing. “Our client was excited to make their first purchase in Providence market with this well-maintained apartment property and we were pleased to be able to deliver attractive financing terms.”
The mill building, formerly known as Carpenter Mills, was originally built in 1910. The property consists of one four-story, elevatored brick mill building with a mix of one-bedroom units, one-bedroom plus dens, two bedroom units and a three bedroom unit. The units have unique floor plans and have been renovated with restoration of original brick and beam features, original re-claimed wood floors, sliding metal-clad doors throughout the hallways and oversized windows, along with new age features renters seek, such as granite countertops, stainless appliances and in-unit laundry.
Grant Mill apartments offer several common amenities that residents have 24-hour access to. The building includes a state-of-the-art theatre room and a community room with a billiard table and wall-mounted TVs. There is also a fitness center equipped with the latest in elliptical cross-trainers, bicycle machines and weightlifting gear. Other amenities include Wi-Fi and an outdoor courtyard. Grant Mill is also pet-friendly and garage parking is available.