Providence, RI Bank Rhode Island’s (BankRI) commercial real estate division finalized a deal to provide $12.25 million to U.S. Realty Advisors LLC/Provident Property LLC to assist with the refinancing of the historic Jesse Metcalf Building in downtown. The loan is facility supported with a permanent hedge pricing financial product.
Built in 1896 for the jewelry manufacturing industry and once featuring its own electric power plant, the five-story, 99,500 s/f office building is adjacent to the Garrahy Judicial Complex.
“The Jesse Metcalf Building is an historic Providence property in a prime location in the heart of bustling downtown,” said Andrew Deluski, vice president of commercial real estate for BankRI. “We are pleased to meet the financial needs of our client and assist with their refinancing of a building that is such an important part of the Capital City’s landscape.”
Deluski facilitated the deal on behalf of BankRI. Matt Marshall, vice president of NorthMarq Capital, arranged the financial placement of the transaction.