News: Front Section
Posted: April 9, 2015
Deluski of BankRI places $20.65 million loan for Scott's Wharf acquisition - Charneski of Goedecke & Company arranges financial placement
In December of 2014, BankRI assisted Scott's Wharf, LLC in the acquisition of the Newport Yachting Center. The bank provided a $20.65 million loan facility supported with permanent and variable hedge pricing financial products. The borrower acquired the mixed-use property, including the Mooring Restaurant, the Smokehouse Restaurant, the Sunset Terrace, and the marina and parking operations from Newport Realty, Inc. Newport Harbor Corp. will continue to operate the restaurants under the Newport Restaurant Group umbrella, Sunset Terrace, and boat shows under long-term lease agreements.
Andrew Deluski, vice president commercial real estate group, facilitated the transaction for BankRI. Jeff Charneski, principal of Goedecke & Company, LLC, arranged the financial placement. The site is managed by the Peregrine Group LLC/Peregrine Property Management LLC. Peregrine looks forward to continuing to operate and enhance the property, and to being an active contributor to the success of the city.
MORE FROM Front Section
Quick Hits
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary