PROVIDENCE – Twain Financial Partners has expanded its reach by providing $2 million of financing to the first Property Assessed Clean Energy (PACE) loan on a new construction project in Rhode Island’s history.
The project, currently a vacant lot located at 580 South Water Street in Providence, will be transformed into a newly constructed five-story apartment complex with one and two-bedroom units. Construction is expected to complete around March 2021.
“Twain Financial is thrilled to be a part of the first ever C-PACE new construction project in Rhode Island,” said Kate Hangge, Business Development Officer at Twain Financial. “Bringing PACE to a new state creates an opportunity for additional developers to see the positive impact these projects will have on their communities.”
Churchill and Banks will serve as the project developer and manager. Churchill and Banks is a privately held corporation engaged in the acquisition, development, construction and management of office, industrial, retail and residential properties in New England and North Carolina.