R.I. banks lend Linear Retail Properties $43M

BOSTON – A Massachusetts developer has recently secured millions of dollars through two Rhode Island-based banks for the financing of a several properties in the Bay State.
Linear Retail Properties LLC, based in Burlington, Mass., is an owner, developer and operator of retail properties throughout New England. Its portfolio comprises 80 properties in Massachusetts, New Hampshire and Rhode Island, and it’s recently tapped Rhode Island banks to help finance some of its deals.
Providence-based Citizens Bank NA, a Citizens Financial Group Inc. company, announced last week it provided a $22.7 million term loan with the development company. Earlier this month, Washington Trust Company, a Washington Trust Bancorp company based in Westerly, said it provided $20.7 million to finance an acquisition in North Andover.
The loan made with Citizens is said to go toward financing seven of the company’s properties in the Greater Boston area.
“As a new client, we were impressed by how quickly and effectively the Citizens Commercial Real Estate Finance team was able to complete this transaction,” said Bill Beckeman, president and CEO of Linear Retail, in a statement.
The financing with Washington Trust went toward the financing of a North Andover shopping center acquired in June. http://pbn.com/WashTrust-finances-North-Andover-shopping-center-for-207M,109317

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