Peyser Real Estate Group Announces Financing Completion for “Dexter Street Commons” Project
Transformative Development Moves Forward in Pawtucket’s Conant Thread Neighborhood
PAWTUCKET – Peyser Real Estate Group is pleased to announce that financing has closed for Dexter Street Commons, a groundbreaking mixed-use development in the heart of Pawtucket’s Conant Thread neighborhood. Peyser Real Estate Group is the developer and co-sponsor of this project.
This marks the official start of construction for the transformative, roughly $55 million project, which will deliver 150 energy-efficient housing units and dynamic commercial spaces at 71 Dexter Street. Dexter Street Commons is within walking distance of the new Pawtucket-Central Falls commuter rail station and downtown Pawtucket. The development will include ground-floor commercial spaces and 150 all-electric apartments, 20 percent of which will be affordable workforce housing. It is designed to focus on sustainability and community health, providing residents with access to healthy food and recreational opportunities. Located within half a mile of a grocery store, a farmer’s market, public parks, and green spaces, the development will enhance the vibrancy and livability of the Conant Thread neighborhood.
“We’re pleased to advance Dexter Street Commons, a transformative development in Pawtucket’s transit-connected heart,” said Lee Peyser of Peyser Real Estate Group. “This mixed-use complex will bring 150 workforce and market-rate housing units, energizing the neighborhood and catalyzing future growth. Residents will enjoy all-new modern apartments, co-working spaces, a state-of-the-art fitness center, high-speed internet, lounges, and sustainable features.
The project will also feature a restaurant, a world emporium marketplace, and ‘Windows on Dexter,’ an outdoor interactive window art gallery. I am extremely grateful for the work of all of the public and private partners.”
This transformative project is the result of collaboration between numerous public and private partners, including the City of Pawtucket, Governor Dan McKee, Rhode Island Commerce, Rhode Island Housing, the Rhode Island Department of Environmental Management, the Rhode Island Infrastructure Bank, The Pawtucket Redevelopment Agency, The Pawtucket City Council, Former Secretary of Commerce and Housing Stefan Pryor, and others.
“Dexter Street Commons is a vital step forward for Pawtucket. This transformative development will not only address our community’s housing needs but also serve as a cornerstone for future growth and innovation in the Conant Thread neighborhood” said Mayor Donald R. Grebien. “By creating a vibrant, sustainable space with modern housing and commercial opportunities, we are building a brighter future for our residents and reinforcing Pawtucket as a hub for connectivity, opportunity, and livability.
We are proud to support this initiative and eagerly anticipate the positive changes it will bring to our City.”
“My administration is committed to increasing the supply of housing in Rhode Island by investing in transformative projects like Dexter Street Commons,” said Governor Dan McKee. “This development will help us continue to spark economic growth in Pawtucket while giving more Rhode Islanders an opportunity to thrive in our state.”
“We’re proud to support this transformative, transit-oriented development project that will expand much-needed housing opportunities and catalyze local investments – things that are essential for residents, businesses, and our broader economy,” said Secretary of Commerce Liz Tanner.
“Transit-oriented development is all about creating thriving, sustainable communities that offer residents access to opportunity, convenience, and a high quality of life,” said Rhode Island Department of Housing Secretary Deborah Goddard. “The Dexter Street Commons project in Pawtucket is a prime example of this vision in action. By creating energy-efficient housing, commercial spaces, and green infrastructure, this project is supporting vibrant neighborhoods that will drive economic growth while adding to Rhode Island’s housing stock.”
“This project represents another remarkable collaboration among Rhode Island partners, setting a strong example by prioritizing sustainability and community health,” said DEM Director Terry Gray. “DEM is proud to have partnered with developers through our Brownfields program to address the environmental challenges at the site and support this redevelopment. Many of our investments in the Brownfields program result in innovative housing projects. The Dexter Street project includes energy-efficient apartments and will further drive dynamic growth in downtown Pawtucket.”
Peyser Real Estate Group has also partnered with Rockland Trust Company as the senior lender, alongside equity investment from co-sponsor, AMJ Capital, Panot Capital, and the Healthy Neighborhood Equity Fund (HNEF). The HNEF funding is administered by the Conservation Law Foundation (CLF) and Massachusetts Housing Investment Corporation (MHIC).
“Rockland Trust is honored to partner alongside Lee Peyser and his team at Peyser Real Estate Group and various city and state agencies on the development of Dexter Street Commons to help address the need for transit-oriented, sustainable, high-quality market rate and workforce housing opportunities in Pawtucket,” said Manuel Vales, Senior Vice President Commercial Banking Officer at Rockland Trust. “This project is key to the start of the redevelopment of the Conant Thread District and bringing new life into this vibrant community.
“Our support for Dexter Street Commons aligns perfectly with Panot Capital’s mission of fostering transformative projects that balance sustainability, innovation, and community impact,” said Aaron Iskowitz and Zain Sayed, Principals of Panot Capital. “This development will not only address critical housing needs but also create a dynamic hub of opportunity and connection in Pawtucket’s Conant Thread neighborhood. We are excited to see this project come to fruition and look forward to its lasting contributions to the community.”
“Investing in projects that improve lives and support local visions for a better future allows neighborhoods to truly thrive with healthy people, a healthy environment, and a healthy economy,” said Gina Foote, CLF’s Director of Impact Investment. “Addressing issues like access to transportation, land use, and energy-efficient buildings is key to fighting climate change and improving health. The Healthy Neighborhoods Equity Fund helps fill the funding gap to create healthier, more sustainable communities.”
“Developments like Dexter Street Commons recognize that neighborhoods are an ecosystem that requires community resources, access to a natural environment, and will shape people’s lives,” said Moddie Turay, MHIC’s president, and CEO. “Investing in a healthier, happier New England is work MHIC prides itself in. As we enter the new year, we are also looking forward to the continued positive impacts of HNEF as we embark on capitalizing HNEF III in early 2025.”
The architects of the project are Sonnenfeld and Trocchia AIA. New England Construction, Fuss & O’Neill as well as CSL Consulting have all served as consultants and are heavily involved in the process.
A groundbreaking ceremony will be held in the coming weeks.
For more information about Dexter Street Commons and its impact on the Pawtucket community, please contact the City of Pawtucket or Peyser Real Estate Group.