Bank RI finances yachting center purchase

PROVIDENCE – Bank Rhode Island Commercial Real Estate Division last week announced its part in providing a $20.65 million loan to finance last year’s Newport Yachting Center acquisition.

Scott’s Wharf LLC and members of the Peregrine Group LLC, last September acquired Newport Yachting Center in Newport from The Newport Harbor Corp., but financial information wasn’t immediately available because the deal didn’t close until year’s end.

Bank Rhode Island announced transaction information and its loan support last week.

“This property is vital to the vibrancy of downtown Newport, particularly during the peak of tourist season and the summer months,” said Keb Brackenbury, senior vice president of commercial real estate at Bank Rhode Island. “We are pleased to have the opportunity to meet the group’s financing needs as they look forward to continuing the operations and enhancing the property.”

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The 150,000 square-foot mixed-use property houses The Mooring Restaurant, Smokehouse Restaurant, Sunset Terrace, a marina and parking operations. Andrew Deluski, vice president of commercial real estate at Bank Rhode Island facilitated the transaction, according to a release.

The commercial real estate division provides financing for construction, refinancing and purchasing of investment real estate projects.

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