Lending for Developers
PRF provides Developers with customize-able financing including but not limited to Pre-Development, Construction, Bridge, and Mezzanine loans. Priority is given to projects that promote deed restricted mixed-income projects where there is a preservation component. Assistance is not limited to projects in Providence.
If you are interested in discussing our financing packages, please contact Carrie Zaslow at 401-272-2760.
Types of Products Available to Developers
- Pre-Development – Financing to cover a variety of expenses prior to development. Typically soft costs such as fees for financing applications, legal, architecture, engineering and other exploratory work needed prior to full financing and project start.
- Construction – Financing to cover hard costs of construction while awaiting permanent financing. Often, costs from a construction loan will be financed and repaid as part of the permanent funding.
- Bridge – also known as gap funding, PRF can provide the financing needed to make payments or remove existing debt prior to permanent financing is in place.
- Mezzanine – These loans blend debt and equity in a project to provide a creative solution for times when there will be a substantial gain in equity from the project.
No matter which loan product you are looking for, PRF can help customize our loans to best meet your needs now and into the future.
PRF is available for consultation on a variety of fee-for-service historic preservation topics that go beyond loans and grants. Our project managers can assist with developing scopes of work for a historic building rehab, provide referrals to architects and craftsmen with special expertise in preservation, manage your historic rehab projects, offer salvaged materials for your project, and much more. No matter what assistance you need, PRF is a partner with the expertise needed to move a project forward successfully.
Partnering with the RI Indian Council
The Rhode Island Council is the owner of the Algonquin House at 807 Broad Street in the Elmwood Historic District in Providence. This Georgian Revival building has a hipped roof and with three colossal tetrastyle porticoes. The building was completed in 1895 as a Home For Aged Men, providing housing for indigent men over 60. It is currently the home of the Rhode Island Indian Council, other non-profit organizations and local businesses.
The organization contacted PRF when they received a grant from the City of Providence to repair their building using the standards of historic preservation. PRF inspected and documented the property and provided specifications for the repairs to be done using the US Department of the Interior standards for historic preservation. We also prepared detail drawings for the repairs. Finally we monitored the work to ensure that it was being done according to the plans.
The City of Providence was granting CDBG funds to the RI Indian Council for the renovation of a new office space at the historic 807 Broad Street in Providence. PRF joined this historic preservation project as a partner, developing the scope of work needed for the historic property and providing construction oversight.