A construction loan is a short-term loan used to pay for building or major renovation projects, where funds are released in stages as work is completed and interest is typically charged during the construction period. It matters to investors because the loan’s safety depends on the project finishing on time and on budget—think of it like funding a recipe step-by-step—and problems such as delays, cost overruns, or falling property values can increase the risk of loss or affect returns on related investments.
multifamilytechnical
Multifamily describes residential properties that contain multiple separate living units under one ownership, such as apartment buildings, duplexes, triplexes or condo complexes. Investors care because a single property can produce income from many tenants at once, smoothing cash flow much like a small rental fleet rather than one standalone house, and offering scale benefits, diversified tenant risk, and sensitivity to rental market trends that affect returns and asset value.
treasury servicesfinancial
Treasury services are banking tools and routines that help a company manage its cash flow, pay bills, collect receipts, handle currencies and invest short-term funds — like a combined checking account, bill-pay system and short-term savings plan for a business. Investors care because strong treasury practices keep a company liquid and lower financing costs, reducing the risk of missed payments and improving returns on idle cash.
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New luxury multifamily housing development supports long-term growth and revitalization efforts in Warwick’s City Centre district
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce it has led the financing of Wood Partners’ Alta Altitude housing project, a 214-unit luxury, 100% market-rate apartment development in Warwick, RI. Eastern provided a $31 million construction loan for the project, which is 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.
Alta Altitude marks the ninth multifamily construction project Eastern has financed for Wood Partners and the first in Rhode Island. Wood Partners is recognized as a national leader in the development and construction of multifamily communities, with a portfolio that includes more than 110,000 homes and a combined capitalization of $23 billion. The company owns and operates over 80 properties nationwide, representing approximately 25,000 homes, and is consistently ranked among the five largest multifamily developers in the United States.
“We’re proud to support Wood Partners in their continued growth across New England,” said Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank. “Alta Altitude is a transformative development for Warwick’s City Centre, and we’re pleased to help finance a project that provides greater housing options and contributes to the local economy.”
“We have worked with Eastern Bank for more than a decade, and we’re excited to expand our relationship with this milestone project in Rhode Island,” said Joseph Keough, Chairman and CEO of Wood Partners. “Alta Altitude reflects our commitment to building high-quality communities in dynamic locations, and Eastern’s support and understanding of our needs and the local market have been instrumental in bringing this vision to life.”
Eastern Bank provides a range of commercial real estate financing offerings to assist companies with real estate acquisition, refinancing, or new construction. Lending solutions include for multi-family housing, office, industrial and warehouse properties, hospitality properties, and retail developments, as well as highly sophisticated treasury services and deposit products for the commercial real estate industry.
The Commercial Real Estate team advising Wood Partners includes: Executive Vice President, Chief Commercial Banking Officer Greg Buscone; Senior Vice President, Commercial Real Estate Group Director Nicholas Moise; Senior Vice President, Commercial Real Estate Team Leader David MacManus; and Vice President, Commercial Real Estate Relationship Manager Michael Yuen.
About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 125 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2026, Eastern had approximately $30.6 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management and Private Banking Divisions, which include the largest bank-owned independent investment adviser in Massachusetts with $9.8 billion in assets under management. Eastern takes pride in its advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.
