Andrew Deluski, vice president in BankRI's commercial real estate group provided debt financing in the amount of $10 million to Albany Road Real Estate Partners for the acquisition of 15 Park Row West, a class A, 118,000 s/f multi-tenant office property. Shawn Herlihy, principal at Goedecke & Co., LLC in Boston, brokered the transaction.
Gateway Center offers access to I-95 and is adjacent to Providence Station, serving Amtrak and MBTA commuters. The property was 86% leased at acquisition to a number of credit tenants with no lease roll until 2017.
Christopher Knisley managing director for Albany Road, along with three partners, recently launched Albany Road Real Estate Partners, a real estate investment and management firm focused on the acquisition of commercial real estate opportunities across New England.