Pawtucket development gets brownfields remediation loan

June 20, 2021 GMT

PROVIDENCE, R.I. (AP) — The Rhode Island Infrastructure Bank has approved a $400,000 loan to help in the redevelopment of a brownfields site in Pawtucket.

The loan will finance environmental remediation work as part of the larger Nexus Lofts project that will include 27 affordable market-rate apartments with ground floor office and retail space, the bank said in a statement this week.

“This $400,000 loan for site remediation work at the Nexus Lofts project will help catalyze further development in the surrounding buildings,” infrastructure bank CEO Jeffrey Diehl said in a statement.

Co-developer Michael Leshinsky called the loan a critical part of the project.

The Rhode Island Infrastructure Bank is the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners.