REBusinessOnline

JLL Arranges Two Loans Totaling $39.7M for Refinancing of Rhode Island Multifamily Properties

PAWTUCKET AND NORTH PROVIDENCE, R.I. — JLL has arranged two loans totaling $39.7 million for the refinancing of a pair of multifamily properties in Rhode Island. In the first deal, the firm arranged a $20.5 million loan for The Village Lofts, a 149-unit complex in Pawtucket. The property features an average unit size of 929 square feet and amenities such as a fitness center, game room and onsite laundry facilities. In the second transaction, JLL placed an $18.2 million loan for Greystone …

CV Properties Completes $55M Aloft Providence Downtown Hotel

PROVIDENCE, R.I. — Boston-based developer CV Properties has completed the $55 million Aloft Providence Downtown Hotel. The hotel consists of 175 rooms and meeting spaces, a fitness center, grab-and-go food market, a lobby bar with patio seating and a rooftop bar with views of the downtown skyline. Elkus Manfredi Architects designed the project, and Shawmut Design & Construction served as the construction manager. Construction began in January

CVS Health Plans to Close 900 Stores, Focus on Digital Strategy

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy.The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a …

Montecito Buys 60,000 SF Medical Office Building in East Greenwich, Rhode Island

EAST GREENWICH, R.I. — Nashville-based owner-operator Montecito Medical has acquired a 60,000-square-foot medical office building in East Greenwich, about 20 miles south of Providence. Built in 2013 and renovated in 2020, the multi-tenant property was fully leased at the time of sale, with University Orthopedics occupying 61 percent of the space as the anchor tenant. Other occupants include Coastal Medical Group, Velocity Clinical Research and Providence Behavioral

Greenberg Gibbons Acquires 112,497 SF Shopping Center in North Providence, Rhode Island

NORTH PROVIDENCE, R.I. — Maryland-based investment and development firm Greenberg Gibbons has acquired North Providence Marketplace, a 112,497-square-foot shopping center in Rhode Island. Grocer Shaw’s is the anchor tenant of the property, which was 82 percent leased at the time of sale to tenants such as Dollar Tree, Sally Beauty Supply, H&R Block and EbLens. Justin Smith, Chris Peterson, Bryan Anderson, Ben Starr, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented …

Tryko Partners Buys 120-Bed Skilled Nursing Facility in North Kingston, Rhode Island

NORTH KINGSTON, R.I. — New Jersey-based investment firm Tryko Partners has purchased Scalabrini Villa, a 120-bed skilled nursing facility in North Kingston, about 25 miles south of Providence. The property opened in 1994 at a site along Narragansett Bay and consists of 60 two-bed units. The seller and sales price were not disclosed. Tryko Partners plans to make capital improvements to the facility, which offers memory care, long-term and sub-acute care

JLL Arranges Acquisition Financing for 359-Unit Self-Storage Facility in Rhode Island

WESTERLY, R.I. — JLL has arranged an undisclosed amount of acquisition financing for Cornerstone Self Storage, a 359-unit facility in the coastal Rhode Island city of Westerly. The property sits on 1.8 acres and offers 48,025 net rentable square feet of climate- and non-climate-controlled space, as well as 28 RV storage spaces. Michael Pagniucci and Henry Schaffer of JLL arranged the five-year, fixed-rate loan through Rhode Island-based Washington Trust Co. on behalf of the borrower, The …

IPA Negotiates $21.6M Sale of Cottage Plaza Retail Center in Pawtucket, Rhode Island

PAWTUCKET, R.I. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $21.6 million sale of Cottage Plaza, an 84,455-square-foot retail center in Pawtucket. Regional grocer Stop & Shop anchors the property, which was built on 14.6 acres between 2004 and 2005. Jim Koury, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, AAG Management Inc., in the

Berkadia Provides $16.7M HUD-Insured Loan for Rhode Island Apartment Community

PAWTUCKET, R.I. — Berkadia has provided a $16.7 million HUD-insured loan for the refinancing of 1 Lofts, a 112-unit apartment community in Pawtucket. The property was originally built in 1920 and was converted to a loft-style complex with a variety of floor plans in 2018. Amenities include a game room, tennis court, basketball court, picnic area and onsite laundry facilities. Kevin Kozminske and Yuri Kletsman of Berkadia structured the financing, which carried a 35-year term and a fixed …

Dacon Completes 25,000 SF Office Headquarters Project in Cranston, Rhode Island

CRANSTON, R.I. — Massachusetts-based design-build firm Dacon has completed construction of a 25,000-square-foot office headquarters space for insurance brokerage firm Hilb Group in Cranston. Spanning two floors, the layout includes an open office work environment, entrance lobby, conference space, training room, restrooms and a café. The tenant is looking to consolidate its four Rhode Island offices into one regional hub for some 130 employees at this location, which is situated within …

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