Eastern Bank: A Shared Commitment to Housing and Affordability

A Shared Commitment to Housing and Affordability

As the Champion Sponsor of the HousingWorks RI 2025 Housing Fact Book, Eastern Bank is proud to be part of a shared commitment to housing stability and to help support a range of housing types in Rhode Island. A longstanding supporter of communities across the State, we are excited to grow our presence and deepen our commitment in Rhode Island through our merger with HarborOne Bank, where our combined banks have over $1 billion invested in the State already. 

We understand the availability of stable and affordable housing is a top concern for Rhode Islanders, and we are committed to being part of a solution by helping to create more housing choice and options. We thank Housing Works RI for its leadership in presenting the annual Housing Fact Book, an important tool for consumers and a resource for local and state decision-makers on integrated solutions to improving housing affordability in Rhode Island. 

From affordable housing to market-rate, large scale multifamily housing, to town homes,  condominiums and more, helping to support a range of housing choices is one solution to addressing housing insecurity, cost burdens and improved economic stability. Our teams in Commercial Real Estate (CRE), Community Development Lending and Business Banking are active in the state, including from our offices in Providence, and we look forward to making a difference in the communities we serve. 

In recent years, Eastern Bank has provided financing to help support a range of housing developments across Rhode Island. These include:

Mixed Income Housing Development, Providence: Parcel 9 Phase 1 (aka “Tempo”)

Eastern Bank’s Community Development Lending team helped support Pennrose in its development of Parcel 9 Phase 1 (aka “Tempo”) in Providence. The project opened in 2024 and is a 66-unit, mixed income building including 48 affordable residential units and a neighborhood childcare center. The financing was a complex structure including Low-income Housing Tax Credits, HOME funds, Housing Trust Funds, and additional sources from Rhode Island Housing (RIH), the City of Providence, as well as traditional debt and equity. 

Luxury Apartment Development, Warwick: Alta Altitude 

Eastern Bank’s Commercial Real Estate (CRE) team led the financing of Wood Partners’ Alta Altitude construction project, a 214-unit luxury, 100% market-rate apartment development located in Warwick, RI. The apartments are located within the City of Warwick’s “City Centre,” a 95-acre Master Plan that calls for more than 1.5 million square feet of office, retail, hotel, commercial and residential space. The luxury property includes high end amenities such as a state-of-the-art fitness center, resident lounges, gaming and entertainment areas, and a courtyard with a resort style swimming pool, fire pits and grilling areas. It opened in the third quarter of 2025.

Apartment Communities, Rhode Island: Picerne Portfolio 

Eastern Bank’s CRE team worked extensively with Picerne Real Estate Group to provide financing solutions for multiple apartment communities across both Rhode Island (over 500 units) and Southern Massachusetts (over 300 units). As an example, the newly built Oasis at Plymouth was financed, along with a key portfolio of workforce housing strategically located throughout Rhode Island. Founded in 1925, Picerne is headquartered in Warwick, RI, and is among the top multifamily real estate owner-operators in Rhode Island and one of the largest family-owned developers and managers of multifamily housing in the US. 

Eastern Bank Foundation
The Eastern Bank Foundation, one of our region’s leading corporate charitable contributors, is focused on helping to support safe and affordable housing, especially as access to it is becoming ever more challenging and even more so for people of color. Over the last five years, the Eastern Bank Foundation, collectively with the HarborOne Foundation, have invested millions in communities across Rhode Island, including to help support organizations advancing safe and affordable housing.

Since Eastern Bank’s founding in 1818, we have been committed to serving our customers, colleagues and communities. Affordable and secure spaces to live are one of the most effective ways to help build thriving communities. We are excited to collaborate with you, and invite you to join us for good at easternbank.com. We are here to help, and you can reach a member of our locally-based Eastern Bank Commercial Lending team for insights on how they can assist your organization. 

The opinions expressed herein are those of the authors and do not necessarily reflect those of Eastern Bankshares, Inc., Eastern Bank, or any affiliated entities. Views and opinions expressed are current as of the date appearing on this material; all views and opinions herein are subject to change without notice. These views and opinions should not be construed as any specific recommendation. This material is for your private information and we are not soliciting any action based on it. The information in this content has been obtained from sources believed to be reliable but its accuracy is not guaranteed. There is neither representation nor warranty as to the accuracy of, nor liability for any decisions made based on such information.