NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.
QUONSET, R.I. — Rhode Island Governor Gina Raimondo has included a $70 million bond proposal in the state budget to modernize and reconstruct Pier 2 at the Port of Davisville in Quonset. The budget, including the proposal, has yet to be approved by the state legislature. The port recently closed its sixth record-breaking year of automobile imports by ship and is consistently one of the top 10 auto ports in North America. Additionally, the port has experienced 547 percent growth over the past 20 years. Built in 1956, the pier was designed for a 50-year lifespan. The $70 million investment will solidify Davisville’s position as the premier marine commercial gateway to New England and add an additional 50 years to the pier’s useful life, as well as preserve hundreds of jobs in the maritime sector. There were 227,021 automobiles imported at the port last year, surpassing 2014’s record by 48,806 vehicles. Vehicles arriving at the port are processed, finished and distributed across the United States by North Atlantic Distribution Inc.
WEST GREENWICH, R.I. — CBRE/New England has arranged the sale of Grandeville at Greenwich, a garden-style apartment community located in West Greenwich. The Wolff Company acquired the property from Grandeville at Greenwich LP, an affiliate of Lecesse Development, for $59.7 million. The community features 300 apartment units in a mix of one-, two- and three-bedroom layouts with an average size of 1,321 square feet. Community amenities include a great room, media room, business center, gym with a kid’s room, an outdoor pool with sundeck, a tot lot, carports, garages and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.
PROVIDENCE, R.I. — Hanover, Mass.-based Linchris Hotel Corp. has acquired Hotel Providence, an 80-room boutique hotel in Providence, for an undisclosed price. Located at 139 Mathewson St., the hotel was originally built in 1882 and is listed on the National Register for Historic Places. The new ownership plans to reposition the hotel’s 96-seat restaurant in January when restaurateurs Alethia and Massimiliano Mariotta transform the restaurant into a chef-drive European brasserie concept. A recipient of AAA’s Four Diamond Award for 10 consecutive years, the hotel features more than 5,000 square feet of meeting and event space, including a tented rooftop and courtyard.
COVENTRY, R.I. — Fantini & Gorga has arranged $16 million in permanent financing for a recently renovated multifamily property in Coventry. The 15-year loan provided by regional financial institutions features a 3.75 percent fixed rate. Originally constructed from the 1850s to 1900, the property includes 140 apartment units, a fitness center, community room, game room, indoor basketball court, movie theater and outdoor courtyard with grill area. Mark Whelan of Fantini & Gorga secured the financing on behalf of the borrower, a long-term client of the firm.
PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.
PROVIDENCE, R.I. — Sterling Organization, through its Sterling United Properties I LP fund, has acquired Wampanoag Plaza, a shopping center located in Providence, for an undisclosed sum. The 225,908-square-foot retail center is anchored by Stop & Shop Supermarket and was 96 percent occupied at the time of sale. Additional tenants include Marshalls, Savers, NAPA Auto Parts and Dollar Tree. The name of the seller was not released.
In Providence, the Class A office market continues to maintain vacancy rates under 10 percent, with an overall office vacancy of about 14 percent. This trend should continue as there is not any new Class A office development on the horizon for the capital city. There have been a few larger market transactions in Providence over the past 12 months. Waldorf Capital Management, a local real estate investment firm, purchased the Turks Head Building (150,000 rentable square feet) in late 2014. In addition, 170 Westminster Street (65,000 rentable square feet) recently traded; according to local rumor, the property will be converted to residential apartments. If 170 Westminster comes out of circulation, this will have a positive impact on the Class B vacancy rate in the city. Just south of the city on the 195 redevelopment land — dubbed “The Link” by the 195 Commission — work is just about complete to make the 19 available acres “shovel ready.” The 195 Commission has been successful in fully negotiating two purchase and sale agreements. The first is for student housing and the second is mixed-use residential. However, both projects are contingent on an acceptable tax stabilization agreement from the city, which has …
Rhode Island’s retail market continues to improve, although not to the point that new ground-up major projects are feasible. There is considerable activity with retailers expanding and absorbing the existing supply of retail space. In the past few years, a lot of the activity has focused on absorbing the mid-size boxes that went dark after the start of the recession, due to the closings of stores such as Circuit City, Linens ’N Things, and Borders. The leasing activity over the last several years seems to be the final stages of the absorption of these vacant boxes. As the supply of these existing anchor spaces continues to be reduced, the health of the retail market continues to improve with the result being a slight upward pressure on rents. The 500,000-square-foot Garden City Center in Cranston, which first opened in 1948, continues to upgrade its tenants, with The Wilder Company’s ongoing multi-year expansion and renovation of Rhode Island’s premier open-air mixed-use shopping center. New tenants opening over the last year include The Container Store, which has taken 25,000 square feet, as well as French natural skin care retailer L’Occitane and natural burger concept b. good. Additional new leases have been signed with …
MIDDLETOWN, R.I. — RK Centers has acquired Middletown Village, a retail center located on Route 114 in Middletown, for $16.7 million. The 98,575-square-foot center is occupied by a variety of national tenants, including Barnes & Noble, Sports Authority, Michaels and Petco. The name of the seller was not released.