Is a described usurious transaction considered ribā, and is it permissible to rent out the property resulting from it, and to buy and sell from its tenant?

If what transpired between the questioner's relative and the bank was a Istisna' (manufacturing) contract, and then the bank appointed her as an agent to execute the project, the transaction is permissible. However, if the matter was a loan with interest, it is forbidden because it is riba (usury). In all cases, it is permissible to rent out the property and to deal in its sale and purchase, because the sin of riba pertains to the usurer, not to the asset itself.