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University of Rhode Island campus scene with modern dorms, cafe, green lawn, trees, and students walking on a sunny day.

University of Rhode Island Student Housing Project

In October 2025, Provident, through PRG – RI Properties LLC, partnered with the University of Rhode Island (“URI”) to finance 1,114 beds of new student housing across 3 on-campus facilities.  The primary objectives of the Projects are to provide new housing to decommission aging housing stock with significant deferred maintenance, eliminate triple occupancy units, increase the number of sophomores, juniors, seniors, and graduate students living on the Kingston Campus, modernize URI’s housing portfolio, and to focus on affordability by charging rents that bring value to an increasingly costly market.

391 Units
1,114 beds
Cost
$210,850,000
View disclosure
Role
Owner | Borrower
Project Site
View project
Development Team
Affiliate
Modern university campus buildings with a curved bike path, pedestrians, and green lawns under a blue sky.

Project Completion
and Impact Overview

In October 2025, PRG – RI Properties LLC and the University reached financial close on the tax-exempt financing for the new facilities.  The Projects are slated for staggered completion between the Fall 2027 & Fall 2028 semesters.  The Projects will benefit both undergraduate and graduate students and are non-recourse to the University.  The Bonds were initially rated BB+ by S&P with an enhanced rating of AA thanks to bond insurance provided by Build America Mutual.

Financing

$210,850,000 in Senior and Subordinate Student Housing Revenue Bonds by the Rhode Island Health and Educational Building Corporation.

Development &
Management

Gilbane is serving as the Developer and, through its affiliate, Inwood Management, the 3rd-party manager for the Projects.

Community Impact

Provident’s involvement in URI’s overall student housing effort allows for the creation of modern, safe, and cost-effective student housing assets for its students, on a non-recourse, off-balance sheet, and off-credit basis, while preserving the University’s own borrowing capacity for core mission-critical needs.