(To read more on the debt and equity markets, click here.)
WEST GREENWICH, RI-The developer of the Village Retail Center has received a $6-million bridge loan that will help construct residential units at a 2.5-million-sf lifestyle center. The project is rising on nearly 480 acres in West Greenwich and Coventry. The developer is also building 160,000 sf of office space, a hotel and a 160,000 sf mall at the site.
The funding was provided by Potomac Realty Capital, LLC, of Needham, MA, which has also been involved in funding the Centre of New England, a mixed-use project that will include a 1.5-million-sf value mega mall.
Dan Palmier, president & CEO of Potomac, tells GlobeSt.com that the developer will use the loan to continue construction on the residential units at the project. "We're very bullish on the Center of New England project and it's probably not the last of the financing we will make," he says, adding that in addition to this $6 million, Potomac has financed an additional $6 million for the development.
Universal Properties Group, of West Warwick is developing the Centre of New England, an internationally themed mall which is expected to cost between $600 million and $1 billion to build. The project, which will highlight a number of countries, will also include approximately 1,000 apartment and condominiums, 3.5 million sf of light industrial and office space and three hotels.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
