Greystone Supplies $84M Refi on Rhode Island Apartments
By Andrew Coen December 31, 2025 2:31 pm
reprints
GAIA Real Estate has landed $83.8 million of agency debt to refinance a Rhode Island multifamily building, Commercial Observer can first report.
Greystone originated the Freddie Mac-backed loan for Gaia’s 478-unit Winchester Park & Woods property in East Providence, R.I. The deal, which closed Wednesday afternoon, replaced a previous Fannie Mae loan for the 1978-built property executed in 2018.
“Winchester is a high-performing asset and a fantastic residential experience, which has driven enviable tenant retention rates,” Danny Fishman, CEO of Gaia Real Estate, said in a statement. “We’ve already seen returns of more than seven times our initial equity, bearing out our long-term investment plan.”
Gaia acquired the property in East Providence’s Riverside neighborhood in 2013 for around $55 million from Equity Residential in 2013, the Providence Journal reported at the time. The property recently underwent a renovation program completed in 2024 that helped boost retention rates, according to Gaia.
Located at 125 Village Green North, six miles southeast of Downtown Providence, the complex consists of one- to three-bedroom apartments in 79 two- and three-story buildings. Community amenities include an outdoor swimming pool, tennis courts, basketball courts, a playground, a dog park and access to walking trails.
“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,” Yvonne Sun, managing director, asset management at Gaia, said in a statement. “It aligns perfectly with our strategy of driving alpha through smart acquisitions and active improvement and management of assets.”
The transaction marked Gaia’s second Freddie Mac refi with Greystone, which also provided a $223.9 million debt package in 2023 for a 989-unit multifamily portfolio in Stamford, Conn., as CO first reported at the time.
Greystone did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
