Research & Reporting > State Fiscal Recovery Funds Dashboard > Copley Chambers II & III
Last Updated: 04.16.2024
Rhode Island Affordable Development Activities
Copley Chambers II & III
Providence
Developer: Marathon Development LLC
- Anticipated Completion Date: Q3 2024
- Total Units: 124 units
- Total Affordable Units: 124 units
- Affordability: 30% – 80% AMI
- Construction Status: 76% completed
Funding Sources and Amount:
| Sources | Amount |
| Capital Magnet Fund | $750,000 |
| State Fiscal Recovery Fund (“SFRF”) | $3,500,000 |
| Acquisition Revialization Program (“ARP”) | $1,377,850 |
| LIHTC Proceeds – 4% | $21,233,107 |
| Sponsor Loan | $1,200,000 |
| Providence Redevelopment Authority (PRA) Loan | $6,318,000 |
| Deferred Fee | $3,068,346 |
| Federal Historic Tax Credit Proceeds | $100 |
| Third Party Senior Lender | $10,835,281 |
Total Development Cost: $48,282,684
SFRF Funds Expended To-Date: $3,500,000
