Rhode Island

Leveraging RI C-PACE in opportunity zones - by Jeffrey Diehl

Opportunity zones are a new economic development tool designed to stimulate investment in distressed and underutilized areas. Investment in an opportunity zone provides a federal tax incentive for private investors to direct capital gains as equity investments into qualifying projects. Opportunity zones in Rhode Island are designated in 25 census tracts across 15 municipalities.  As redevelopment accelerates in these neighborhoods, including Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy (RI C-PACE) financing in the capital stack can unlock additional value for investors, while building greener, more efficient buildings in the state.

Cregan and Barry of CBRE sells two industrial facilities totaling 257,390 s/f for $8.62 million

Warren, RI CBRE completed the sale of 15 New Industrial Rd. and 373 Market St. 15 New Industrial Rd. sold for $4.375 million to Mussuch...

The Rhode Island Commerce Corp. approves $55.2 million proposal for Aloft brand hotel for the I-195 Redevelopment District

Providence, RI The Rhode Island Commerce Corp. approved a package of tax incentives for a $55.2 million Aloft branded hotel p...

Brady of Cornerstone Realty Capital arranges $2.6 million in financing

Woonsocket, RI Cornerstone Realty Capital arranged $2.6 million in financing for an apartment complex, known as Peters River Residences, that includes 36 two-bedroom, one-bathroom apartments spread amongst three buildings.

CBRE sells 64,000 s/f multi-unit flex building in Pawtucket

Pawtucket, RI CBRE completed the sale of 670-710 Narragansett Park Dr., a 64,000 s/f modern multi-unit flex building, for an undisclosed price. CBRE’s Alden Anderson and Dan Cregan exclusively represented the seller, Marshall Properties, Inc., and procured the buyer, Legacy Gansett LLC

Lila Delman Real Estate sells Mainstay Hotel for $14.34 million

Newport, RI Lila Delman Real Estate completed the sale of the Mainstay Hotel at 151 Admiral Kalbfus Rd. for $14.34 million. David Lawrence, ...

Alves and Corkum of KW Elite Commercial broker $360,000

Cranston, RI Michael Alves and Cindy Corkum of KW Elite Commercial Realty sold two 3-unit buildings at 199-205 Grand Ave. for $360...

Deluski of BankRI finances $20.5 million loan to Hammetts Wharf, LLC for the construction of an 84-room hotel on America’s Cup Ave.

Newport, RI During Q4 of 2018, the Commercial Real Estate Division of Bank Rhode Island (BankRI) procured financing to provide a $20.5 milli...

Amper of Capstone Properties sells 13.8 acres for $950,000

West Kingston, RI Neil Amper, SIOR, of Capstone Properties has sold 13.8 acres to Fairgrounds Commerce Park LLC.  The property, bordered by Fairgrounds Rd., Kingstown Rd. (Rte. 138), Waites Corner Rd. and train tracks, and is within one mile of the University of Rhode

Greystone Real Estate Advisors sells two properties totaling 272 units

Cumberland, RI Greystone Real Estate Advisors has closed the sale of a two-property senior living portfolio for an undisclosed price. M...