North Kingstown, RI The commercial real estate division of Bank Rhode Island (BankRI) has finalized a deal to assist Compass Circle, LLC with the financing for the construction of a 16-unit industrial condominium complex at 355 Compass Circle. The bank provided the construction loan facility supported with variable hedge pricing financial products.
The loan transaction is allowing for the expansion of the business center, which will feature industrial condominium units of 1,200 s/f that can be used for office and manufacturing, as well as for equipment and product storage and fulfillment. The buyer has the ability to expand with a mezzanine level if desired.
The 16-unit project is located in the Quonset Business Park, which has experienced a transformation in recent years. Quonset Business Park has been rapidly progressing in a development stage, and currently supports nearly 10,000 employees and 200 companies. One of the park’s most appealing features is its convenient highway access to Rte. 4 and I-95 for transportation between Providence, Boston, and New York.
“There is a lot of pent up demand for industrial units, particularly in the Quonset Business Park region,” said Keb Brackenbury, senior vice president of BankRI’s Commercial Real Estate Division, who facilitated the transaction.
Property owners Richard Grosvenor and Dale Nelson are managing the construction of the project.