Bank Rhode Island finances $12.2M Rumford Center housing project

EAST PROVIDENCE – Bank Rhode Island last month provided $12.2 million to finance a new housing construction project in the Rumford neighborhood of East Providence.
The loan was made to PK Rumford II LLC and will go toward the cost of building 80 new housing units in Rumford Center, according to a press release. The property was purchased in 2007 and will pare the neighborhood mixed-use center complex owned by the same company, which comprises 113 residential units and 2,000 square feet of commercial office and neighborhood retail space.
Tenants include Avenue N American Kitchen, Peregrine Group LLC, Rumford Dental and Seven Stars Bakery.
“In recent years, the transformation of Rumford Center has created a vibrant hub of local businesses, punctuated by residences with historic charm and architectural distinction,” said Andrew Deluski, vice president of commercial real estate for Bank Rhode Island. “This transaction will now allow for the creation of additional housing units to meet consumer demand; we are pleased to have been able to meet the financial needs of our client to help make their vision a reality.”

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