Bank Rhode Island provides $1.6M for purchase of Newport building

BANK RHODE ISLAND recently provided $1.6 million to help Newport Development Associates LLC to purchase a retail property, above, at 144 Thames St. in Newport. / COURTESY BANK RHODE ISLAND
BANK RHODE ISLAND recently provided $1.6 million to help Newport Development Associates LLC to purchase a retail property, above, at 144 Thames St. in Newport. / COURTESY BANK RHODE ISLAND

NEWPORT – Bank Rhode Island recently provided $1.6 million to help finance the purchase of a retail property in Newport.

The loan was made with Newport Development Associates LLC to purchase the building at 144 Thames St. The building’s anchor tenant is Express, on the first floor, and there are opportunities for additional development on the second floor, according to a press release.

Thames Street is a popular destination for tourists, especially during summer months.

Keb Brackenbury, senior vice president of commercial real estate lending at Bank Rhode Island, lauded the deal in a statement.

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“As a bank, we remain focused on developing and growing our relationships with Aquidneck Island consumers and businesses,” Brackenbury said. “Newport, and Thames Street in particular, is a destination for hundreds of thousands of visitors each year who spur the local and state economy.”

Bank Rhode Island is a subsidiary of Brookline Bancorp Inc. based in Boston.