PAWTUCKET, RI – Fortuitous Partners announced today that it has secured the final needed equity investment and has letters of commitment from lenders committed to providing private financing in accordance with the terms of the developers’ public-private partnership with the City of Pawtucket and the State of Rhode Island. Fortuitous Partners is developing the Tidewater Landing project in Pawtucket and has invested nearly $30 million of private capital into the construction of the project. Once complete, the private investment in Tidewater Landing will represent the largest investment of private capital in any development in Rhode Island in over a century.
“We are committed to Rhode Island and have been from Day One. The Tidewater Landing project will transform downtown Pawtucket and provide state residents with a team that is for all of Rhode Island,” said Brett Johnson, Fortuitous Partners founder and partner and co-founder and chairman of Rhode Island FC. “The global pressures on development are real, but we have believed in this project from the beginning and have put tens of millions of private investment into the project to get it started. Now that the private funding has been secured, we are excited to complete the stadium through this public-private partnership with the City and State.”
Despite global financial challenges, the Fortuitous Partners development team raised another $14.5 million of private equity over the last two months without taking on any additional debt. The additional equity investment announced today signifies the completion of the development team’s equity raise and both the stadium and Rhode Island FC are fully capitalized. In all, Fortuitous Partners and Rhode Island FC have combined to raise $50 million in private equity.
Along with the announcement that it has closed the private equity raise, Fortuitous Partners has signed commitment letters to fund the private debt required in the terms of the development’s public-private partnership. The loans will close simultaneously with the underwriting of Pawtucket Redevelopment Agency bonds this fall. Fortuitous Partners has secured all outstanding requirements required by the City’s bond underwriters.
Rhode Island FC will play its inaugural season next year at Bryant University’s Beirne Stadium. The Stadium at Tidewater Landing will be the permanent home of Rhode Island FC. Fortuitous invested nearly $30 million in private funds to kick-start construction and ensure that work stayed on schedule to allow Rhode Island FC to open its 2025 USL Championship season in the heart of Pawtucket. The Pawtucket-based stadium will be a state-of-the-art destination for all Rhode Islanders and host a variety of events, including professional soccer, collegiate sports, concerts, festivals, and other professional sports.