Wanskuck Mill, Providence, Rhode Island

Octagon funded a $3.5 million historic tax credit bridge loan to the historic Wanskuck Mill in Providence, Rhode Island. The loan was collateralized by federal HTC with a 12 month term. The loan financed for the conversion of a 345,000 square foot former mill complex consisting of five buildings into 228 market rate apartments, 25,000 square feet of commercial space, and storage units.

The factories buildings erected by the Wanskuck Company first began in 1862 and reflect broad development trends in the textile industry both in Rhode Island and in the United States as a whole. Dominating the mill’s historic district is the Wanskuck MilI itself, a landmark structure typical of contemporary factories in its massing, simple detailing, and brick construction but differentiated by its handsome, unusual tower.