Pawtucket development gets brownfields remediation loan
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.