Rumford, RI In mid-October, the commercial real estate division of Bank Rhode Island (BankRI) finalized a deal with PK Rumford II, LLC to provide $12.225 million in financing to assist with the construction of residential units. The construction loan, facility supported with permanent and variable hedge pricing financial products, will help to create 80 new housing units in Rumford Center.
The property was acquired by the borrower in 2007, and included the adjacent PK Rumford I, LLC. The mixed-use Rumford Center consists of the new development site and adjacent property, which has 113 residential units and 25,000 s/f of commercial office and neighborhood retail space. Current tenants include Avenue N Restaurant, Peregrine Group LLC, Rumford Dental, and Seven Stars Bakery.
“In recent years, the transformation of Rumford Center has created a vibrant hub of local businesses, punctuated by residences with historic charm and architectural distinction,” said Andrew Deluski, vice president of commercial real estate for BankRI. “This transaction will now allow for the creation of additional housing units to meet consumer demand; we are pleased to have been able to meet the financial needs of our client to help make their vision a reality.”
Deluski facilitated the deal on behalf of BankRI, and Jeff Charneski, principal of Goedecke & Company, LLC, arranged the financial placement of the transaction.
The project is being constructed by New England Construction, with support from Pare Engineering, Gate 17 Architecture and Birchwood Design Group.
The site is managed by Peregrine Property Management LLC.
BankRI’s commercial real estate division provides financing for the construction, refinancing, or purchasing of investment real estate projects.