Infrastructure Bank Approves $400,000 Brownfield Loan for Nexus Lofts Project in Pawtucket
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the approval of a $400,000 loan from the Brownfields Revolving Loan Fund to finance environmental remediation work as part of the larger Nexus Lofts redevelopment project located at 49 North Union Street, in downtown Pawtucket. The redevelopment will include 27 affordable market-rate apartments with ground floor office and/or retail.
“Many commercial redevelopment sites in Rhode Island require some form of brownfield remediation, and that’s precisely what the Brownfields Revolving Loan Fund program is for,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “This $400,000 loan for site remediation work at the Nexus Lofts project will help catalyze further development in the surrounding buildings. We are pleased to help finance a portion of this key project for the continued revitalization of downtown Pawtucket.”
“This brownfields loan is a critical part of our overall project financing and site redevelopment plan,” said Co-Developer Michael Leshinsky. “We want to thank the team at the Infrastructure Bank for working with us to finance the site remediation we need to complete in order to unlock the full potential of our Nexus Lofts project.”
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About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank