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$105M Funds Waterplace Construction

PROVIDENCE, RI-Sovereign Bank will provide construction financing for Intercontinental's Waterplace mixed-use development under development here.

By Beverly Ford | Updated on February 08, 2007

(To read more on the debt and equity markets, click here.)

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.”

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