News: Rhode Island
Posted: February 10, 2017
Long of BankRI provides $2 million financing for two multifamily properties
Jane Long, Bank Rhode IslandCranston, RI The Commercial Real Estate Division of Bank Rhode Island (BankRI) has provided $2 million in financing to Pontiac Properties, LLC and Grand Investment, LLC for the acquisition of two multifamily properties in the Edgewood neighborhood.
The financing allows the borrowing entities to acquire the two mature multifamily residential properties located in a stable neighborhood with a strong rental history. Pontiac Properties, LLC has acquired the property at 1690 Broad St., while Grand Investments, LLC has acquired the property at 219 Grand Ave.
“The Edgewood section of Cranston is a highly desirable residential neighborhood thanks to its proximity to Providence, amenities, public transportation and local services,” said Jane Long, assistant vice president of commercial real estate for BankRI, and who facilitated the transaction. “There is a strong demand for apartment units in this market, and we are pleased to have worked with Pontiac
1690 Broad Street - Cranston, RIProperties, LLC and Grand Investments, LLC to meet their financial needs as they grow their real estate portfolio.”
BankRI’s Commercial Real Estate Division provides financing for the construction, refinancing, or purchasing of investment real estate projects.
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