BOSTON–Eastern Bank has provided $31 million in construction financing for Alta Altitude, a new 214-unit luxury apartment development by Wood Partners in Warwick, RI.
The market-rate multifamily project is located within Warwick’s City Centre district, a 95-acre master-planned redevelopment area envisioned to include more than 1.5 million square feet of office, retail, hotel, commercial, and residential space. The Alta Altitude property opened in the third quarter of 2025 and features amenities including a fitness center, resident lounges, entertainment and gaming areas, and an outdoor courtyard with a resort-style swimming pool, fire pits, and grilling stations.
The financing marks the ninth multifamily construction project Eastern Bank has supported for Wood Partners and the companies’ first collaboration in Rhode Island.
“We’re proud to support Wood Partners in their continued growth across New England,” said Greg Buscone, executive vice president and chief commercial banking officer at Eastern Bank. “Alta Altitude is a transformative development for Warwick’s City Centre, and we’re pleased to help finance a project that provides greater housing options and contributes to the local economy.”
Wood Partners, one of the nation’s largest multifamily developers, has developed and constructed more than 110,000 homes nationwide with a combined capitalization exceeding $23 billion. The company currently owns and operates more than 80 properties representing approximately 25,000 homes across the United States.
“We have worked with Eastern Bank for more than a decade, and we’re excited to expand our relationship with this milestone project in Rhode Island,” said Joseph Keough, chairman and CEO of Wood Partners. “Alta Altitude reflects our commitment to building high-quality communities in dynamic locations, and Eastern’s support and understanding of our needs and the local market have been instrumental in bringing this vision to life.”
Eastern Bank officials said the project aligns with the bank’s broader commercial real estate lending strategy, which includes financing solutions for multifamily housing, office, industrial, hospitality, and retail developments throughout the region.
The Eastern Bank commercial real estate team advising Wood Partners included Greg Buscone; Senior Vice President and Commercial Real Estate Group Director Nicholas Moise; Senior Vice President and Commercial Real Estate Team Leader David MacManus; and Vice President and Commercial Real Estate Relationship Manager Michael Yuen.
