April 8, 2019, WOBURN, MA – The Dolben Company, Inc. (“Dolben”) is pleased to announce it has completed the recapitalization of The Ledges at Johnston (“The Ledges”). A Dolben affiliate purchased the interest in the project of an institutional joint venture partner, obtained new $42.2M financing from KeyBank/Fannie Mae, and completed the capitalization with a $15.8M private equity syndication.
The Ledges is a 300-unit garden-style apartment community located in the city of Johnston, Rhode Island. The property’s clubhouse features a resident lounge, business center, billiards room and a 24-hour fitness center. The well-appointed outdoor entertainment area is complete with a resort-style swimming pool with sun deck attached. The value-add recapitalization plan includes $8,000 per unit in renovations to upgrade units with granite countertops, stainless steel appliances, and vinyl plank flooring.
Deane H. Dolben, President of The Dolben Company, Inc., noted, “Having originally developed The Ledges in 2007 with an institutional partner, we are thrilled to now be recapitalizing this beautiful property with a private equity syndication and fresh debt. The Greater Providence market has seen extensive growth over the last several years, and we anticipate that The Ledges’ strong financial performance will continue.”
About The Dolben Company, Inc.
With offices in Massachusetts and Maryland and 17,000 residential units under management throughout the New England and Mid-Atlantic regions, The Dolben Company, Inc. is built on a deep heritage of performance and stewardship. Since 1929, five generations of the Dolben family have upheld a proud tradition of stewardship and profitability, fulfilling the property and investment needs for a wide array of financial institutions and private investors. For more information on The Dolben Company, visit www.dolben.com.