WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged a $3.3 million bridge loan for a 210-unit multifamily project in Warwick, located just south of Providence. The site currently serves as a parking lot, and the borrower, Skydra Development, plans to construct a four-story building with one-, two- and three-bedroom units. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender on behalf of Skydra Development.
PROVIDENCE, R.I. — Entertainment concept Level99 has opened a new, 40,000-square-foot venue at Providence Place, a shopping mall located just northwest of the capital city’s downtown area. Comprising 43 rooms, the facility offers interactive challenges as well as a restaurant, Night Shift Brewing Kitchen & Tap. Investment fund Act III Holdings, led by Panera Bread founder Ron Shaich, backs Level99. Brookfield Properties owns Providence Place.
NEWPORT, R.I. — International developer and construction firm Skanska has broken ground on a $147 million project for the U.S. Navy in Newport, Rhode Island. The facility will serve as the new operations center for the National Oceanic & Atmospheric Administration. The project will include the construction of a new pier to accommodate four large vessels and associated utilities, as well as a supporting 22,129-square-foot administration building with parking, exterior storage and an adjacent loading and laydown area. Construction began in December and is expected to be complete by 2027.
PAWTUCKET, R.I. — Marcus & Millichap has brokered the $8.9 million sale of a 64,928-square-foot industrial building in Pawtucket, Rhode Island. The building at 670-710 Narragansett Park Drive, which according to LoopNet Inc. was originally constructed in 1978, houses six suites. Harrison Klein of Marcus & Millichap represented the seller, Legacy Real Estate Ventures, in the transaction. Klein also procured the buyer, an affiliate of NSD Real Estate.
PROVIDENCE, R.I. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 33,700-square-foot office and retail building in Providence. Known as The Lauderdale Building, the downtown-area property consists of nine office suites and three retail spaces. Tim McGeary and Rick Welch of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CRANSTON, R.I. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million loan for the refinancing of two adjacent multifamily assets in Cranston. Built in 2016, the property at 125 Midway Road totals 29 units in one-, two- and three-bedroom floor plans. The other building at 45 Poplar Drive is an adaptive reuse of a former Catholic school and features 20 one- and two-bedroom units. Robert Damigella of MMCC arranged the debt, which was structured with a 6.35 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
EAST GREENWICH, R.I. — Developer Pennrose has broken ground on Frenchtown Road Apartments, a 63-unit affordable housing project in East Greenwich. The four-story building will a house mix of one- and two-bedroom apartments that will be available to residents earning at or below 30 percent and up to 120 percent of the area median income. Residents will have access to resources such as case management, free and low-cost food deliveries, wellness activities, volunteer and employment opportunities and programming to encourage physical activity and community. Cove Homes Inc. will oversee management and support services at the property. Completion is scheduled for next fall.
NORTH PROVIDENCE, R.I. — A joint venture partnership between ShopOne Centers REIT, Pantheon and an undisclosed global institutional investor has acquired North Providence Marketplace, a 112,497-square-foot retail center located in North Providence. Shaw’s Supermarket anchors the property, which was 88 percent occupied at the time of sale. Other tenants include Dollar Tree, Rainbow, H&R Block and Sally Beauty Supply. Shaw’s also features an in-store Starbucks Coffee. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the undisclosed seller in the deal.
PROVIDENCE, R.I. — JLL has brokered the sale of a 30,000-square-foot medical office building in Providence. Built in 2006, the building was 96 percent leased at the time of sale to tenants offering urgent care, primary care, imaging, pediatric care, physical therapy and pathology services. A partnership between Sendero Capital and Angelo Gordon acquired the asset from an undisclosed seller. Brannan Knott, Mindy Berman and Anthony Sardo of JLL brokered the deal.
PROVIDENCE, R.I. — A partnership between developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income residential project in the state capital’s Fox Point neighborhood. Phase I of the project will consist of 66 affordable housing and market-rate units, retail space and a childcare facility. Residences will come in studio, one- and two-bedroom formats. Income-restricted units will be reserved for renters earning between 30 and 120 percent of the area median income. Delivery of Phase I is slated for next September. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt.