BankRI provides financing for 8 properties

PROVIDENCE – Bank Rhode Island last week announced a recent financing deal for the purchase of eight student housing properties in Providence.
The bank’s Commercial Real Estate Division provided $2.85 million in financing to Dr. Sheldon E. Schwartz for the acquisition of the eight properties near Providence College, according to a press release. The deal was finalized earlier this year and all properties will predominantly be used as student housing, according to the release.
Keb Brackenbury, senior vice president of commercial real estate at Bank Rhode Island, in a statement called the acquisition “critically important” for Providence College.
“Securing the continuity of properties historically used for student housing is critically important to the growth of Providence College,” Brackenbury said. “We are pleased to have had the opportunity to asset Dr. Schwartz in making this deal come to fruition.”
Marcus & Millichap, a real estate brokerage firm, represented the seller and Collier International represented the buyer.
Bank Rhode Island is a subsidiary of Brookline Bancorp Inc.

No posts to display