Jocelyn Nacci is vice president of commercial banking and is a relationship manager for Centreville Bank, the West Warwick-based financial institution that’s been operating in Rhode Island since 1828, now with more than 20 bank locations across the state and Connecticut, including new branches that opened this year in Middletown, Newport and Smithfield.
Centreville Bank offers commercial lending services, in addition to personal banking, and has financed recent residential redevelopment projects, including the 32 apartments planned at the former Sacred Heart Church at 415 Olo St. in Pawtucket that’s being redeveloped by the Pawtucket-based Nexus Property Management.
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PBN: How much demand is there for financing for residential redevelopment projects in Rhode Island right now and why?
NACCI: We receive requests of all sizes and each one comes with its own challenges and opportunities. This is an ongoing concern given the low supply of housing in R.I., for both ownership and rental markets. It is extremely important for banks to help fund viable projects for both affordable housing and market-rate projects throughout the state. Centreville has the products, services and team experience to help navigate the process.
PBN: How important is this type of financing for people hoping to rent out homes and turn dormant properties into revenue-producing ones?
NACCI: When a developer or property management company finds a dormant, “value-add” property, or vacant land, they oftentimes feel fortunate because current inventory is low. In most cases, they come to us with a financing request to repurpose the property into rentable residential or mixed-use units. Financing is a key component to the viability of the proposed project.
Since Centreville is a mutual bank, we have no stockholders, and our customers benefit from 100% local decision-making. That translates to greater access to financial experts, faster turnaround times, competitive rates and flexible terms.
PBN: How does Centreville Bank determine if a developer is qualified for lending for a residential redevelopment?
NACCI: Centreville Bank has worked with a variety of developers across a large range of projects and each project is individually vetted. Our Commercial Team collectively has more than 150 years of experience. If one of us has not worked with a prospective developer, we will request references, review financials and visit “in-process” and completed projects to determine the feasibility of the project.
PBN: What about the risk for these types of clients who have big plans to develop apartment units? Are there cases you see involving plans that didn’t work out, and how do you handle that?
NACCI: Components of risk for these types of requests include economics of the project, the interest rate environment and the overall experience level of the borrower’s team. We always have to be honest and direct if a proposal isn’t viable. This due-diligence work, including qualifying borrowers and having open conversations among all parties, helps support a successful project for all involved.
PBN: What makes you committed to what you do in our area?
NACCI: I am committed to being a commercial relationship manager because I love working with and helping others achieve their purpose. I work with businesses, financing their growth and managing cash with a team who supports our customers every day. It is rewarding to see the outcome of a new building or equipment purchase, or to partner with nonprofit organizations. I get to be the person who collaborates with these companies to add value by providing solutions to their needs and addressing concerns.
For 195 years, Centreville has been committed to the communities we serve. Centreville’s newest brand tagline is “progress on purpose,” and is dedicated to serving our customers and helping them achieve their progress.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
