BankRI loans $1M for Arcade refinancing

PROVIDENCE – Bank Rhode Island recently made a $1 million loan to refinance The Arcade, according to a press release.
The Arcade, constructed in 1828, is a three-story 39,282-square-foot multiuse building in downtown Providence. The loan was made to 130 Westminster Street Associates LLC, which acquired the iconic property in 2012, according to a press release. The building was completely renovated in 2012 and 2013.
“Since its revival, The Arcade has become a shining example of creativity with urban redevelopment,” said Andrew Deluski, vice president of commercial real estate lending for Bank Rhode Island.
The Arcade was listed on the National Register of Historic Places in 1971 and declared a National Historic Landmark in 1976, according to the release. It current comprises 17 retail units and 48 micro-lofts, ranging between 225 to 450 square feet each, and is currently 100 percent occupied, according to the release.
“This is a building that not only enjoys a rich history, but a vibrant present – we are pleased to have worked with 130 Westminster Street Associates LLC to meet their financing needs,” Deluski continued.

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