The Arcade at 130 Westminster Street - Providence, RIProvidence, RI Bank Rhode Island (BankRI) assisted 130 Westminster Street Associates, LLC in the refinancing of The Arcade, located at 130 Westminster St. in downtown. BankRI provided a $1 million loan facility supported with a permanent financial product.
The borrower repositioned and enhanced the iconic property after its acquisition in 2012. Today, the property is a 39,282 gross s/f multi-unit residential and retail building that was completely renovated across 2012 and 2013.
Constructed in 1828 as a three-story building featuring shops and restaurants, The Arcade is known as the first indoor shopping mall in the United States. In 1971, The Arcade was listed on the National Register of Historic Places, and declared a National Historic Landmark in 1976. Today, The Arcade has been reconfigured to include 17 retail units and 48 micro-lofts with living space ranging between 225 and 450 s/f each. The Arcade is currently 100% occupied.
“Since its revival, The Arcade has become a shining example of creativity with urban redevelopment,” said Andrew Deluski, vice president of commercial real estate lending for BankRI. “This is a building that not only enjoys a rich history, but a vibrant present – we are pleased to have worked with 130 Westminster Street Associates, LLC to meet their financing needs.”
The Arcade property is managed by Evan Granoff of 130 Westminster Street Associates, LLC, and Deluski facilitated the transaction.
BankRI’s commercial real estate division provides financing for the construction, refinancing, or purchasing of investment real estate projects.