National Equity Fund

Pennrose Celebrates First Groundbreaking in Providence, RI at Parcel 9 Phase 1

August 09, 2023

Congratulations to our partners at Pennrose, the I-195 Redevelopment Commission and the City of Providence, on the groundbreaking of Parcel 9 Phase 1 in the Fox Point neighborhood!

This development marks Pennrose's first in Rhode Island and will help transform the area with a new mixed use, mixed income space for individuals and families. Phase 1 will offer 66 affordable, mixed income apartments with studio, one-, and two-bedroom homes. In addition to high-quality apartments and resident amenities, the team also collaborated with Children's Friend, a nonprofit childcare provider, to provide affordable care for infants, toddlers, and pre-school age children within the building.

Our very own Liz Hibbard attended the groundbreaking and spoke of how important this particular development is for NEF and for the Northeast.

"The equity investment for Phase 1 was made via the NEF Northeast Regional Fund," says Hibbard. "This is the first deal to close in the Northeast Fund and I am thrilled that NEF and our partners are contributing to the development of communities across a region that drastically needs more affordable housing. We are grateful for our investment and development partners and their steadfast dedication to ensuring that every individual has access to safe and healthy housing."

Congratulations to all of the project partners involved on a successful groundbreaking that will lead to more safe and stable affordable housing in the near future.

Read more about the event and the development here.

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