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Imagine transforming this historic building into some of the most striking residential condominiums in Downtown Providence. With soaring floor-to-ceiling windows, exposed brick, and the character of a 1900 loft-style structure, the property offers a rare canvas for luxury redevelopment right in the center of the city's most walkable corridor. Each existing full floor is 3, 300 sq ft, presenting tremendous versatility. Developers could create three expansive luxury residences, each offering over 3, 200 sq. ft. of dramatic open living space, perfect for buyers seeking penthouse-style living with unmatched natural light and panoramic urban views. Alternatively, the building's width and column spacing allow for seamless subdivision into six beautifully proportioned 1, 600 sq ft units, ideal for boutique urban living, or high-demand rental inventory. The building's zoning D-1-120 already allows residential use, making this a turnkey opportunity for repositioning. With the city's surge in downtown population, demand for high-end, character-rich residences far exceeds supply. Westminster Street, surrounded by restaurants, galleries, universities, and new development has become the epicenter of Providence's urban revival. Elevator access, heavy power, sprinkler systems, and full-floor control support a smooth residential conversion. In short: the floorplan is perfect, the location is unbeatable, and the market is ready for a boutique luxury residential project with true wow-factor.
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Our Executive Mortgage Banker:
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$1,200,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 860.625.5780
Brianna.Turgeon@raveis.com
NMLS Mortgage Loan Originator ID 2104486
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $960,000 | $960,000 | $960,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.250% | 5.875% | 5.750% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.069% | 6.007% | 5.932% |
| Monthly Tax Payment | $2,100 | $2,100 | $2,100 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $5,301 | $5,679 | $7,972 |
| Total Monthly Payment | $7,526 | $7,904 | $10,197 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change. The Total Monthly Payment does not include the estimated HOA/Common Charge payment.