BOSTON – Intercontinental Real Estate Corp. says it has secured construction financing Waterplace, its luxury mixed-use complex in Providence’s Capital District, for which the company broke ground in May 2005.
Financial details of the deal were not disclosed, but Intercontinental said it provides a base funding, with additional proceeds subject to condo pre-sales.
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Sovereign Bank provided the financing directly to Intercontinental Fund IV Waterplace LLC, a single-asset entity of Intercontinental Real Estate Investment Fund IV LLC.
The bank has also financed the redevelopment of Eagle Square, in the city’s West End, and the conversion of the Rising Sun Mills.
The Waterplace complex, overlooking the basin and Waterplace Park, is scheduled for occupancy in late 2007. It is to feature 193 condominiums, selling for up to $2.5 million, in two residential towers; a 478-space underground garage; and ground-level retail space.
