Eastern Bank Provides $31M to Wood Partners for 214-Unit Warwick Project

BOSTON – Eastern Bank led the financing of Wood Partners’ Alta Altitude housing project, a 214-unit luxury, 100% market-rate apartment development in Warwick, RI. Eastern provided a $31 million construction loan for the project, which is located within the City of Warwick’s City Centre, a 95-acre Master Plan that calls for more than 1.5 million square feet of office, retail, hotel, commercial and residential space. The luxury property includes high-end amenities such as a state-of-the-art fitness center, resident lounges, gaming and entertainment areas, and a courtyard with a resort-style swimming pool, fire pits, and grilling areas.

Alta Altitude marks the ninth multifamily construction project Eastern has financed for Wood Partners and the first in Rhode Island. Wood Partners is recognized as a national leader in the development and construction of multifamily communities, with a portfolio that includes more than 110,000 homes and a combined capitalization of $23 billion. The company owns and operates over 80 properties nationwide, representing approximately 25,000 homes, and is consistently ranked among the five largest multifamily developers in the United States.

“We’re proud to support Wood Partners in their continued growth across New England,” said Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank. “Alta Altitude is a transformative development for Warwick’s City Centre, and we’re pleased to help finance a project that provides greater housing options and contributes to the local economy.”

“We have worked with Eastern Bank for more than a decade, and we’re excited to expand our relationship with this milestone project in Rhode Island,” said Joseph Keough, Chairman and CEO of Wood Partners. “Alta Altitude reflects our commitment to building high-quality communities in dynamic locations, and Eastern’s support and understanding of our needs and the local market have been instrumental in bringing this vision to life.”

Eastern Bank provides a range of commercial real estate financing offerings to assist companies with real estate acquisition, refinancing, or new construction. Lending solutions include for multi-family housing, office, industrial and warehouse properties, hospitality properties, and retail developments, as well as highly sophisticated treasury services and deposit products for the commercial real estate industry.

The Commercial Real Estate team advising Wood Partners includes: Executive Vice President, Chief Commercial Banking Officer Greg Buscone; Senior Vice President, Commercial Real Estate Group Director Nicholas Moise; Senior Vice President, Commercial Real Estate Team Leader David MacManus; and Vice President, Commercial Real Estate Relationship Manager Michael Yuen.

Joseph Keough

Greg Buscone