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PROVIDENCE, RI-Boston-based Intercontinental Real Estate Corp. has received construction financing from Sovereign Bank for its $100-million Waterplace mixed-use project now under construction here. Terms of the financing deal were not disclosed but Paul Nasser, CFO and COO of Intercontinental, tells GlobeSt.com that the bank has made a $105-million commitment to the project.
"The initial funding of the project was all equity," Nasser explains. "What this financing does is allow us to put debt on top of our equity to finish the project."
Additional financing is subject to condo pre-sales, Intercontinental says.
Located in Providence's Capital District, Waterplace will bring two towers containing 193 luxury condominiums, 14,025 sf of ground-level retail and a 478-space underground parking garage to the city's center. Nassar says about 40% of those residential units are already reserved or under contract at prices ranging form $400,000 to $2.5 million.
Four retailers, including an upscale bakery, restaurant, coffee shop and spa have already signed letters of intent with the developer, he adds.
Designed by ADD Inc of Cambridge, MA, the mixed-use project broke ground in May 2005 and is expected to be completed later this year.
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