News: Rhode Island

Eastern Mortgage Capital provides $3.93 million for West View Nursing Center: transaction used Section 232/223(a)7 mortgage

Eastern Mortgage Capital provided $3,925,400 in permanent financing for West View Nursing Center, a 120-bed skilled nursing facility located at Rte. 117, 239 Legris Ave. The transaction used Section 232/223(a)7 mortgage insurance provided by the Federal Housing Administration (FHA) Lean Program. "We were delighted to be able to significantly reduce annual debt service by taking advantage of FHA/Lean's non-recourse financing for our client," said Peter Panagako, director of Eastern Mortgage. "The loan also provided funding for ongoing improvements designed to allow this facility to continue to provide the highest level of care. At the same time, the long-term, fixed-rate structure gives the facility's operations stability for years to come." All of the FHA mortgage insurance programs offered by Eastern Mtge. are non-recourse with no carve-outs, and do not require yield maintenance or defeasance prepayment penalties. Eastern Mortgage Capital is a direct MAP Lender providing the full range of FHA-insured loans for apartments, nursing homes, and assisted living properties nationwide. The company is a division of Boston-based Eastern Bank, a $6.5 billion full-service banking company that has been an FHA lender since 1950. In addition to its MAP lending operation, Eastern Bank offers a range of other financing options to healthcare borrowers through its healthcare and non-profit lending group.
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Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

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<br> the First Annual Project of the Year Award! Vote today!

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

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 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