245 Railroad Street rendering
Bedrosian Homes LLC · Real Estate Development · Rhode Island

Multi-Family
Development
Portfolio

A seasoned contractor expanding into development — architectural plans drawn, comps sold across the street, and a clear path to 10 new units in Rhode Island.

2
Dev sites
60+
5★ reviews
5+
Yrs licensed
The Developer

Who you're lending to.

Built from scratch in November 2020 — 100+ completed projects, 5-star rated, licensed RI contractor.

KB
Krikor Bedrosian
Founder & Principal · Bedrosian Homes LLC · Est. Nov 2020
100+
Jobs completed
60+
5★ Reviews
GC-44997
RI License #
5+
Years in trade

Krikor Bedrosian launched Bedrosian Homes LLC in November 2020 and built it into a 5-star-rated contracting operation with 100+ completed projects across Rhode Island. From full gut renovations to insurance claim rebuilds, kitchens, bathrooms, exteriors, and basements.

The move into multi-family development is a natural next step — using existing skills, relationships, and capital to build long-term wealth. Critically: the borrower IS the contractor. No unknown GC markup. Cost control, schedule, and quality all under one roof.

⭐
★★★★★
60+ verified 5-star reviews · Angi & Thumbtack
Consistent top-rated feedback on quality, communication, and follow-through across 100+ completed projects.
🔨
Licensed GC · Rhode Island · Lic. #GC-44997
Fully licensed and insured with the RI Contractors' Registration & Licensing Board (CRLB). License verified active.
📐
Architectural plans in hand — both sites
245 Railroad (7-unit, Dec 2022) and 511 Broad (3-unit, Feb 2026) — National Design & Drafting, (401) 714-2586. Permit-ready.
🏗️
Builder as borrower — key risk reducer
Krikor manages the build directly. No unknown contractor markup — that margin stays in the deal and protects the bank's position.
The Collateral

The asset securing
the loan.

245 Railroad Street is the existing asset — refinancing it retires the private mortgage and unlocks the line of credit. The existing 2-family is retained throughout.

245 Railroad Street
Collateral property
245 Railroad Street
Manville, RI 02838 · existing 2-family · 1 acre
Est. value
$650–720k
Mortgage
$230,000
Gross equity
~$420k
Avail. LOC
~$257k
$650–720k
Mortgage
$230,000
Gross equity
~$420k
Avail. LOC
~$257k

Refinancing retires the $230k private mortgage and establishes a revolving LOC on the equity. The existing 2-family is never demolished — the bank's collateral is preserved from day one through completion.

✓ Architectural plans complete · 7-unit dev · NDD · Dec 2022
Market Evidence

Recent sales set the floor.

Two multi-family sales within one mile, both closed in the past 40 days — establishing clear market value before the lot-size and development-plan premiums are applied.

Sold 4/30/26
252 Railroad St
Manville, RI · across the street
$616,900
Sold 4/21/26
1 Bouvier Ave
Lincoln, RI · same submarket
$670,000
Subject property
245 Railroad St
Manville, RI · collateral
$650k–$720k
Type
2-family
Multi-family
2-family same
Lot size
0.46 acres
TBD
1.0 acre 2× larger
Sq footage
2,064 SF
Multi-unit
1,608 SF + garages
Parking
2 garages
—
3 garages + 10 spaces more
Dev potential
Limited
Limited
5 new + 2 retained
Plans
None
None
Complete · permit-ready
Result
$27k over asking
At ask
Est. $650k–$720k
Adj.
Base: $616,900
Base: $670,000
Base: $616,900
Lot 2×: +$30–50k
Dev plans: +$30–50k
Parking: +$5–10k
Est: $650k–$720k
The takeaway: Both comps sold at or above asking in a strong market. 245 Railroad matches 252 directly across the street — with double the land, confirmed development plans, and more parking. Based on a sale that closed 27 days ago, across the street.
The Development

Two projects.
Phased approach.

The LOC funds Project 1 immediately. Project 2 follows once 511 Broad is stabilized — using the same proven approach on the collateral property itself.

Immediate
The Development — Project 1
Existing511 Broad Street · Cumberland, RI 02864
511 Broad existing
Commercial/mixed-use structure · development site
→
Proposed3-unit townhouse development
511 Broad proposed
3 × 3-floor townhouses · 2BR/2BA · garage per unit · NDD plans complete
New units
3
Floors/unit
3
Beds/baths
2BR/2BA
Garage
1/unit
Budget
~$1.45M
Cost/unit
~$483k
✓ Architectural plans complete · National Design & Drafting · Feb 2026
Future Phase
The Development — Project 2
Existing245 Railroad Street · Manville, RI 02838
245 Railroad existing
Existing 2-family retained · 1-acre lot · collateral property
→
Proposed5 new craftsman townhomes · rear of lot
245 Railroad proposed
5 new units added to rear · existing 2-family stays · 3-unit fallback if required
New units
5
Retained
2
Livable/unit
1,608 SF
Garage
1/unit
Lot size
1 acre
Min. fallback
3 units
✓ Architectural plans complete · NDD · Dec 2022 · Zoning confirmed
Architectural Plans

Permit-ready.
Both sites.

Complete drawings by National Design & Drafting. Ready to submit the day financing closes.

511 Broad Street — 3-unit townhouse · Cumberland RI
Perspective rendering — 4 views
511 Broad plans
245 Railroad Street — 5-unit craftsman development · Manville RI
3D elevation view
245 Railroad 3D
Side elevation
245 Railroad side elevation
Existing site plan
Existing site plan
Proposed site plan — 7 units
Proposed site plan
The Financial Ask

Refinance the asset.
Fund the build.

Replace the private mortgage with a conventional loan and convert equity into a revolving LOC — interest only on what's drawn.

Equity analysis · conservative at $650k value
Estimated appraised value$650,000
Current private mortgage− $230,000
Gross equity$420,000
Max loan at 75% LTV$487,500
Payoff private mortgage− $230,000
Available line of credit~$257,000
How the structure works
Conventional refi on 245 Railroad → revolving LOC → staged draws fund 511 Broad
1
Conventional loan secured by 245 Railroad
2
$230k payoff retires private mortgage
3
~$257k revolving LOC established
4
LOC funds permits, site work, early framing
5
Construction-to-perm covers balance of build
6
Unit sales or rental income retires LOC
511 Broad — Construction Budget

What it costs to build.

Based on 2026 Rhode Island construction rates. Plans in hand. Krikor manages as GC.

Conservative
~$1.1M
~$215/SF all-in
Owner-GC, established relationships. Achievable — not primary planning number.
★ Most likely
~$1.4–1.5M
~$275–295/SF all-in
Licensed GC, mid-grade finishes, 10% contingency. ~$490–500k/unit. Credible to any credit committee.
High / stress test
~$1.8–1.9M
~$350–370/SF all-in
Premium rates, delays. Shows bank you've stress-tested every scenario.
Line itemLowMid
Site work
Demo + site prep$15,000$25,000
Foundation + CMU + slab$60,000$80,000
Utilities + connections$20,000$35,000
Driveways + patios × 3$18,000$28,000
Structure + envelope
Framing 2×6 ext / 3 floors × 3$155,000$230,000
Roofing — 3 pitched roofs$45,000$60,000
Windows + exterior doors$45,000$65,000
Garage doors × 3$8,000$12,000
Siding + exterior finish$40,000$60,000
Insulation$25,000$35,000
Rear decks × 3$24,000$45,000
MEP
Plumbing × 3 units$54,000$75,000
HVAC × 3 units$45,000$60,000
Electrical × 3 units$45,000$66,000
Interior finishes
Drywall + finish$26,000$41,000
Hardwood floors$35,000$52,000
Vinyl plank — 1st floor$8,000$14,000
Kitchens × 3$54,000$84,000
Bathrooms — 6 full + 3 half$72,000$108,000
Stairs + railings × 3$24,000$42,000
Doors + trim + paint$24,000$36,000
Laundry hookups × 3$5,000$8,000
HARD COSTS SUBTOTAL$847,000$1,261,000
Soft costs
Permits + impact fees$12,000$20,000
Architecture / structural eng.$8,000$15,000
GC overhead + profit (12–18%)$101,000$227,000
Construction insurance$8,000$12,000
Survey + geotech$5,000$10,000
Landscaping + grading$8,000$15,000
Contingency (10%)$85,000$126,000
TOTAL PROJECT BUDGET~$1,074,000~$1,686,000
Sale scenario — the math worksAll-in ~$483k/unit at mid. At $580k × 3 = $1.74M gross — ~$290k gross profit before carrying costs.
LOC draw strategy~$257k funds pre-construction through early framing. Construction-to-perm covers the balance. A deliberate phased strategy — not a gap.
245 Railroad — Development Budget

Future phase
cost estimate.

Existing 2-family fully retained — only the 5 new rear townhomes are built. Conservative 3-unit fallback also shown.

3 units · fallback
~$870k–$1.0M
~$275–310/SF all-in
Minimum viable build if zoning requires scaling back. ~$290k/unit cost vs. $580k+ comps.
★ 5 units — primary plan
~$1.45–1.7M
~$275–310/SF all-in
5 new craftsman townhomes. Existing 2-family retained. ~$290–340k/unit cost vs. $580k–$670k+ comps.
High / stress test
~$2.0–2.2M
~$370–400/SF all-in
Worst-case. Project still cash-flow positive at current comp prices.
Line item3 units5 units
Site work
Site prep + grading (rear)$12,000$20,000
Foundation + concrete$45,000$75,000
Utilities + connections$15,000$25,000
Driveways + porches$15,000$25,000
Structure + envelope
Framing 2×6 ext · 2 floors$110,000$185,000
Roofing × units$30,000$50,000
Windows + exterior doors$30,000$50,000
Garage doors × units$8,000$13,000
Siding + exterior finish$28,000$46,000
Insulation$16,000$26,000
MEP
Plumbing × units$36,000$60,000
HVAC × units$30,000$50,000
Electrical × units$30,000$50,000
Interior finishes
Drywall + finish$18,000$30,000
Hardwood floors$22,000$36,000
Kitchens × units$36,000$60,000
Bathrooms × units$40,000$66,000
Stairs + railings$15,000$25,000
Doors + trim + paint$15,000$25,000
Laundry hookups$3,000$5,000
HARD COSTS SUBTOTAL$554,000$922,000
Soft costs
Permits + fees$10,000$18,000
Architecture / structural$5,000$8,000
GC overhead + profit$66,000$166,000
Construction insurance$6,000$10,000
Survey + geotech$4,000$6,000
Landscaping + grading$6,000$10,000
Contingency (10%)$55,000$92,000
TOTAL PROJECT BUDGET~$706,000~$1,232,000
5-unit sale scenarioAll-in ~$246k/unit at mid. At $580k × 5 = $2.9M gross. Minus ~$1.23M = ~$1.67M gross profit — plus existing 2-family remains as rental income.
Collateral preserved throughoutExisting 2-family never demolished. Bank's collateral intact from day one. New units are additive — not a replacement.
Project Roadmap

The path forward.

Phased from financing today through to the 7-unit value play at Railroad Street.

Phase 1 · Now
Financing — refinance + establish LOC
Retire the $230k private mortgage. Establish ~$257k revolving LOC. Bank's security: 245 Railroad at established market value, supported by spring 2026 comparable sales.
Phase 2 · 511 Broad
Permitting + site preparation
Submit NDD plans (Feb 2026) to Cumberland building dept. Soil test, survey, utility connections. LOC draws begin.
Phase 3 · 511 Broad
Construction — foundation through finish
Break ground on 3 townhouse units. Staged LOC draws through early framing, then construction-to-perm. Krikor manages as GC directly.
Phase 4 · 511 Broad
Certificate of occupancy + stabilization
Three units sold or leased. At $580k/unit gross ~$1.74M. LOC retired. Proven development track record established.
Phase 5 · 245 Railroad
7-unit development — the long-term value play
With 511 Broad complete, commence the craftsman townhouse development at Railroad Street. Entitled, zoned, plans in hand. The equity machine compounds.