Washington Trust, Bank Rhode Island announce $3.8M in commercial real estate loans

PROVIDENCE – Commercial real estate lending in Rhode Island is beginning to pick up, as two local banks last week announced financing deals for two Ocean State projects totaling $3.8 million.
The Washington Trust Co. provided $2.1 million to HM Ventures Group 7 LLC to finance the construction and residential-retail conversion of a historic, five-story building in downtown Providence. Bank Rhode Island provided financing totaling $1.7 million for the renovation of Ashton Village in Cumberland, which features 53 units of affordable housing.
The Cumberland property, managed by the nonprofit Valley Affordable Housing Corp., is scheduled to be completed in summer 2016, according to a press release.
“As a local bank, we are always looking for opportunities to work with customers that focus on increasing the amount of affordable housing right here in our own communities,” said Andrew Deluski, vice president, senior business lender at BankRI. “It was a pleasure to work with Valle Affordable Housing Corporation and meet their financial needs for this project. I know how excited they are about the renovations.”
For the Providence project, Washington Trust’s financing will go toward 32 Custom House St., a historic property within the Custom House District. Built in 1875, the 16,531-square-foot building is a high Victorian Gothic style and will be converted into 10 residential apartments with 2,000 square feet of retail space on the ground floor, according to a release.
“This property will help add to the influx of new residents to the downtown area, continuing Providence’s transformation to a 24/7 city instead of one that rolls up its sidewalks at 5 p.m., said Julia Anne M. Slom, senior vice president and team leader of Washington Trust’s commercial real estate group. “The adaptive re-use of this incredibly historic building is exciting to be a part of and will provide beautiful apartments in the heart of this transformed area.”
HM Ventures is an affiliate of ASH NYC, a New York-based real estate development group, which recently completed the reposition and gut renovations of the boutique Dean Hotel in downtown Providence.

No posts to display