PROVIDENCE – The commercial real estate division of Bank Rhode Island has closed a $17 million loan to RISSPORT II LLC to assist in the debt restructuring of 430 residential investment units located across northeastern Providence County.
The 430 investment units were acquired by RISSPORT in 2017. The properties are managed by Peregrine Group LLC/Peregrine Property Management LLC, which currently manages more than 1,100 units throughout Rhode Island.
“As there continues to be growth within the state’s residential investment property market and an uptick in demand for rental units, we are pleased to have been able to meet the financial needs of our client and assist in restructuring the debt in such a large volume of properties,” said Andrew Deluski, senior vice president of commercial real estate for BankRI.
The loan was facilitated on behalf of BankRI by Deluski. Jeff Charneski, principal of Goedecke & Company LLC, arranged the financial placement of the transaction.
BankRI’s Commercial Real Estate Division provides financing for the construction, refinancing, or purchasing of investment real estate projects.
Mary Lhowe is a PBN contributing writer.