BankRI supported The Arcade Providence micro-loft project, by providing $4.5 million in debt financing.
The Arcade is the oldest indoor shopping mall in the nation and located between Westminster and Weybosset Sts. The 3-story building was built in 1928 and is a national historic landmark. Evan Granoff of 130 Westminster Street LLC, Providence, also known as The Arcade, is overseeing the renovations to convert the building into a retail and residential mixed-use building that will consist of 48 micro-loft residential apartments on the 2nd and 3rd levels.
There will be 3 restaurants in addition to the 17 micro-retail units on the first and basement levels. The project has been well received and looking to open in September.
Andrew Deluski, a vice president in BankRI's commercial real estate group facilitated the transaction.
Photograph courtesy of Northeast Collaborative Architects.