Rhode Island

NKF Arranges $71M Sale of Office Building in Providence, Rhode Island

by David Cohen January 17, 2019

PROVIDENCE, R.I. — NKF has arranged the $71 million sale of a 202,096-square-foot office building in downtown Providence. Located at 10 Memorial Boulevard, the 10-story property is currently 97 percent leased to a tenant roster that includes IGT, Columbia Threadneedle Investments, The Capital Grille and Rockland Trust. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team represented the seller, RJ Kelly Co., in the transaction. The buyer was Tritower Financial Group.

January 17, 2019

Acquisitions Multifamily Northeast Rhode Island Seniors Housing

Greystone Arranges Sale of Two-Property Seniors Housing Portfolio in Rhode Island

by David Cohen January 16, 2019

PROVIDENCE, R.I. — Greystone Real Estate Advisors has closed the sale of two seniors housing properties in Rhode Island: Chapel Hill in Cumberland and Smithfield Woods in Smithfield. The sales price was not disclosed. Both properties are located in the Providence metro area. Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented the seller in the transaction, a publicly traded REIT. The buyer was a partnership between GMF Capital, a New York-based private equity firm, and Meridian Senior Living, which will operate the properties. The communities were built between 1989 and 1999. The properties offer 272 units of assisted living, memory care and skilled nursing.

January 16, 2019

Acquisitions Industrial Northeast Rhode Island

CBRE Orchestrates Sale of 64,000 SF Industrial Facility in Pawtucket

by David Cohen January 16, 2019

PAWTUCKET, R.I. — CBRE has arranged the sale of a 64,000-square-foot industrial flex facility in Pawtucket. Located at 670-710 Narragansett Park Drive, the property is currently 96 percent occupied by a tenant roster that includes Cintas, Granite City Electrical Supply, Johnson Controls, Rhode Island PBS, Shred-It and Sprint Corp. Situated on the first turn of the former Narragansett race track where famed race horse Seabiscuit once ran, the building and park are adjacent to the East Providence city line. Alden Anderson and Dan Cregan of CBRE represented the seller, Marshall Properties, in the transaction. The buyer was Legacy Gansett LLC, an entity owned by Legacy Real Estate Ventures.

January 16, 2019

Development Loans Multifamily Northeast Rhode Island

EagleBridge Capital Secures $25.1M Construction Loan for Apartment Building in Rhode Island

by David Cohen January 3, 2019

PROVIDENCE, R.I. — EagleBridge Capital has arranged a $25.1 million construction loan for the development of Chestnut Commons, a six-story, 116,000-square-foot apartment building in Providence. Located at 91 Chestnut St. in downtown Providence, the property consists of 92, one- and two-bedroom units as well as 6,000 square feet of street-level retail space. Amenities will include a fitness center, rooftop terraces and covered parking. Brian D. Sheehan and Ted. M. Sidel of EagleBridge secured the financing on behalf of the undisclosed borrower. The lender was a leading Massachusetts financial institution. Terms of the financing were not disclosed.

January 3, 2019

Loans Multifamily Northeast Rhode Island

Colliers Arranges $16M Refinancing for Multifamily Community in Rhode Island

by David Cohen November 13, 2018

WARWICK, R.I. — Colliers International has arranged a $16 million loan to refinance Briarwood Meadows, a 552-unit multifamily community in Warwick. The 36-acre property consists of 32 residential buildings as well as a fitness center, indoor pool, tennis courts and a clubhouse. Kevin Phelan and Sean Burke of Colliers arranged the fixed-rate financing on behalf of the borrower, The Driscoll Co. Principal Real Estate Investors provided the loan.

November 13, 2018

Loans Mixed-Use Northeast Rhode Island

Cornerstone Realty Capital Secures $2M Refinancing for Mixed-Use Portfolio in Pawtucket

by David Cohen October 30, 2018

PAWTUCKET, R.I. — Cornerstone Realty Capital has secured a $2 million refinancing for a mixed-use portfolio in Pawtucket. The portfolio includes a total of 29 apartments and two retail spaces across three properties. All three properties have undergone recent renovations. Patrick Brady of Cornerstone secured financing on behalf of the undisclosed borrower. The lender was undisclosed.

October 30, 2018

Hospitality Loans Northeast Rhode Island

Fantini & Gorga Secures $7M in Financing for Boutique Hotel in Providence, Rhode Island

by David Cohen October 26, 2018

PROVIDENCE, R.I. — Fantini & Gorga has secured $7 million in permanent financing for The Dean, a 52-room, four-story boutique hotel in Providence. Derek Coulombe and Lindsay Feig of Fantini & Gorga secured the financing on behalf of the undisclosed borrower. The lender was a regional bank. The property is located in historic downtown Providence across from the Dunkin Donuts Center and Rhode Island Convention Center. The hotel was fully renovated in 2014. Terms of the financing were not disclosed.

October 26, 2018

Acquisitions Affordable Housing Multifamily Northeast Rhode Island

Standard Communities Purchases 106-Unit Affordable Housing Community in Rhode Island

by David Cohen October 23, 2018

PROVIDENCE, R.I. — Standard Communities has acquired Curtis Arms Apartments, a 106-unit affordable housing community in Providence. The sales price was not disclosed. Standard Communities plans to invest more than $6 million to renovate and modernize the property, including updating unit interiors and upgrading buildings systems such as the roof and elevators. No residents will be displaced as a result of this work.

October 23, 2018

Development Industrial Northeast Rhode Island

Retail Business Services Breaks Ground on Distribution Facility in Rhode Island

by David Cohen October 15, 2018

NORTH KINGSTOWN, R.I. — Retail Business Services has broken ground on a 200,000-square-foot protein packaging and distribution facility in North Kingstown. Infinity Meat Solutions will occupy the facility, where it will handle beef, pork and prepared meats. Cargill Protein will manage the site’s operations and workforce. The facility is expected to bring approximately 700 jobs to North Kingstown.

October 15, 2018

Acquisitions Industrial Northeast Rhode Island

Sweeney Real Estate Brokers $1.7M Sale of Industrial Building in Rhode Island

by David Cohen October 4, 2018

CRANSTON, R.I. — Sweeney Real Estate has brokered the $1.7 million sale of a 25,548-square-foot industrial building in Cranston. Located at 25 Slater Road inside the Howard Industrial Park, the property sits on nearly two acres. Thomas O. Sweeney and Kevin Casey of Sweeney Real Estate represented the seller, Alves Properties LLC, in the transaction. The buyer was G3 Slater Road LLC.

October 4, 2018

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