Investment firm Gaia Real Estate has secured an $83.8 million loan to refinance Winchester Park & Woods, a 478-unit multifamily rental building in East Providence, R.I. The financing was underwritten by Greystone, which will service the Freddie Mac loan, replacing a Fannie Mae loan that originated in 2018.
Built in 1978, the building lies within the Riverside neighborhood of East Providence. Gaia acquired the property in 2013 and, over the last four years, has engaged in a full renovation program, with a substantial amenity renovation completed in 2024, that has led to high retention rates, particularly among young professionals.
The tranquil residential community offers one-to three-bedroom apartments and a full amenity package, including an outdoor swimming pool, tennis and basketball courts, large fitness areas, a playground and a dog park. The property also sits on 66 acres of professionally maintained land with walking trails and nature hikes.
“Winchester is a high-performing asset and a fantastic residential experience, which has driven enviable tenant retention rates,” said Danny Fishman, CEO, GAIA Real Estate. “The property has been an unqualified success for Gaia, as we’ve already seen returns of more than seven times our initial equity, bearing out our long-term investment plan and our commitment to providing a superior rental product.”
This transaction marks Gaia’s second Freddie Mac refinancing with Greystone, following the successful 2023 refinance of the firm’s 989-unit Stamford, Conn. portfolio.
“We continue to value our ongoing capital partnership with Greystone on our New England portfolio,” said Yvonne Sun, Managing Director, Asset Management. “Gaia is highly selective about the investment opportunities it pursues and we’re proud of the value we continue to bring to the Winchester Park & Woods, particularly as it aligns perfectly with our strategy of driving alpha through smart acquisitions and active improvement and management of assets.”
