Rockland Trust provides $6.6M to Peregrine Group for Newport condos

ROCKLAND TRUST CO. recently provided $6.6 million in financing to the Peregrine Group LLC for the construction of an eight-unit residential condominium subdivision at 50 Memorial Blvd. in Newport. / COURTESY ROCKLAND TRUST CO.

PROVIDENCE – Rockland Trust Co. has provided $6.6 million in financing to the Peregrine Group LLC for the construction of a housing development in Newport, the bank announced Monday.

The new eight-unit residential condominium subdivision will be located at 50 Memorial Blvd.

“Rockland Trust is proud to be working with the Peregrine team to bring additional housing options to Newport,” Keith Dubois, bank vice president and commercial lender, said in a statement. “We are happy to be working once again with the partners at Peregrine Group and 50 MEM LLC to provide housing solutions in a constrained market, and we’re excited to be part of this project.”

Newport has added a net of 24 units of housing since 2000, or a 0.18% growth rate, Rockland Trust said in a news release announcing the financing. Housing statewide grew by 9% over that same period, according to Newport Daily News.

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The Peregrine team has partnered with local broker Libby Kirwin to market the units and inform product positioning, according to the release.

“It is once again our privilege to partner with Rockland Trust,” Colin Kane, founding principal of Peregrine Group, said in a statement. “Rockland has been our primary business and commercial real estate lender for nearly 15 years, and much of Peregrine’s success is a result of their sophistication and support.”

Independent Bank Corp. is the holding company for Rockland Trust, a full-service commercial bank headquartered in Massachusetts with retail branches in eastern Massachusetts and Worcester County, as well as commercial banking and investment management offices in Massachusetts and Rhode Island.

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