NEWPORT – Bank Rhode Island recently provided $6 million to finance the acquisition of two properties in downtown Newport.
The financing packages were made with Mortgage Acquisition Associates LLC and Swinburne Row Retail LLC. The former purchased an eight-unit, 17,690-square-foot building and 77 parking spaces at Long Wharf, according to a press release. Bank Rhode Island provided $4.1 million for the acquisition.
Swinburne Row Retail is using the remaining funds to acquire 135-151 Swinburne Row Unit 1, a U-shape building totaling 19,640 square feet. The four-unit property has 57 parking spaces.
“As a bank, we look forward to continuing to develop and grow our relationships with consumers and business partners across Aquidneck Island,” said Keb Brackenbury, senior vice president of the bank’s commercial real estate lending division.
Aquidneck Island comprises Newport, Middletown and Portsmouth.
“We are pleased to have met the financial needs of our clients to acquire properties located within the busiest section of an area that draws people from around our region and tourists from around the world,” he added.
Bank Rhode Island is a subsidiary of Boston-based Brookline Bancorp Inc. It has 20 branches throughout Rhode Island.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
