Rhode Island

KeyBank Provides $99.8M in Financing for Northeast Seniors Housing Portfolio

by Amy Works November 27, 2017

NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.

November 27, 2017

Loans Northeast Retail Rhode Island

HFF Secures $75M Refinancing for Warwick Mall in Warwick, Rhode Island

by Amy Works November 15, 2017

WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.

November 15, 2017

Multifamily Northeast Rhode Island Student Housing

GMH Capital Breaks Ground on 174-Unit Student Housing Community in Providence, Rhode Island

by Amy Works October 24, 2017

Providence, R.I. — GMH Capital Partners has broken ground on River House, a 174-unit student housing community located in Providence, Rhode Island. The property will be located near Brown’s Alpert Medical School, Brown University, Johnson and Wales University, University of Rhode Island-Providence Campus and the Rhode Island School of Design. The community will consist of two seven-story buildings with approximately 5,000 square feet of retail and restaurant space fronting Point Street and the Providence River. The development is scheduled for completion in May 2019.

October 24, 2017

Northeast Retail Rhode Island

New England Retail Properties Sells Tractor Supply and O’Reilly Auto Property in Rhode Island for $7M

by Amy Works September 18, 2017

JOHNSTON, R.I. — Wethersfield, Conn.-based New England Retail Properties (NERP) has completed the sale of a retail property located at 2750 Hartford Ave. in Johnston. A combination of groups led by the Columbia Delaware Trust acquired the Tractor Supply/O’Reilly Auto property for slightly more than $7 million. NERP acquired and developed the Tractor Supply store in 2013 and constructed the O’Reilly Auto property in 2016. Matthew Darling of New England Retail Properties represented the seller and buyer in the deal.

September 18, 2017

Loans Northeast Office Rhode Island

Fantini & Gorga Arranges $21M in Refinancing for Office Condo Portfolio in Warwick, Rhode Island

by Amy Works August 4, 2017

WARWICK, R.I. — Fantini & Gorga has arranged a $21 million first mortgage to refinance office condominium space at The Summit, Jefferson Gateway and Metro East office parks, located within one mile of each other at 300 Centerville Road, 931 and 935 Jefferson Blvd. and 117 Metro Center Blvd. in Warwick. Totaling 160,000 square feet of office space, the parks are fully occupied three- and four-story buildings featuring ample parking, landscaped grounds and efficient and flexible floor plans. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the financing for the undisclosed borrower.

August 4, 2017

Loans Northeast Retail Rhode Island

Colliers Arranges $31M Refinancing for Parking Asset in Warwick, Rhode Island

by Amy Works July 17, 2017

WARWICK, R.I. — Colliers International has arranged $31 million in refinancing for a parking asset and adjacent retail site located at 1960 Post Road at T.F. Green Airport in Warwick. The borrower was New England Parking LLC. Patrick Boyle and Kevin Phelan of Colliers secured the financing through Blue Hills Bank for the borrower. The 1,536-space parking asset, known as Garage C, offers long-term parking for T.F. Green travelers, and Bertucci’s occupies the 6,000-square-foot retail building.

July 17, 2017

Multifamily Northeast Rhode Island

CBRE/NE Negotiates Sale of 288-Unit Apartment Community in Cumberland, Rhode Island

by Amy Works June 30, 2017

CUMBERLAND, R.I. — CBRE/New England has arranged the sale of Cumberland Crossing, a garden-style apartment community located at 100 Crossing Drive in Cumberland. An affiliate of Jones Street Investment Partners acquired the 288-unit property for an undisclosed price. Completed in 2001, the 12-building community features 84 one-bedroom units, 204 two-bedroom units and a clubhouse. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.

June 30, 2017

Northeast Office Rhode Island

Sweeney Real Estate Negotiates $2M Sale of Office Building in Cranston, Rhode Island

by Amy Works June 30, 2017

CRANSTON, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a three-story, multi-tenanted office building located at 1150 New London Ave. in Cranston. New London Real Estate sold the 24,586-square-foot property to Vancass Holdings LLC for $2 million. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.

June 30, 2017

Industrial Market Reports Northeast Northeast Market Reports Rhode Island

The Changing Face of the Providence, Rhode Island Industrial Market

by Camren Skelton June 21, 2017

The latest CoStar Industrial Report for Providence reports that 2016 ended on a positive note on many fronts for the industrial real estate sector. The Providence industrial vacancy rate overall was down to 4.6 percent, a steady drop from 4.8 percent at the end of third quarter 2016, 5.3 percent at the end of second quarter 2016 and 6.4 percent at end of first quarter 2016. Flex projects showed a vacancy rate of 7.1 percent at end of fourth quarter 2016, a sharp drop from a rate that held largely steady for most of 2016 (11.4 percent for end of third quarter 2016, 11 percent at end of second and 11.5 percent at end of first quarter). For warehouse projects, the vacancy rate at the end of fourth quarter was just 4.4 percent, no change from end of third quarter, but down from 5 percent at end of second quarter and 6 percent at end of first quarter. It’s more good news for the state’s industrial outlook that the current administration has prioritized bringing businesses and jobs here. There’s evidence in the CoStar report to support that claim. Look at the third-largest lease signing of 2016. It was enacted by …

June 21, 2017

Northeast Office Rhode Island

Sweeney Real Estate Arranges Sale of 10,306 SF Office Building in Providence, Rhode Island

by Amy Works June 14, 2017

PROVIDENCE, R.I. — Sweeney Real Estate & Appraisal has brokered the sale of an office property located at 1165 N. Main St. in Providence. Peach Tree Realty Inc. sold the 10,306-square-foot property to Jewish Family Services Inc. for $600,000. Kevin Casey of Sweeney Real Estate & Appraisal represented the seller, while Stephanie Markoff Cohen of William Raveis Providence represented the buyer in the deal.

June 14, 2017

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