SOUTH KINGSTOWN – A group of 46 homeowners in East Matunuck has purchased 10 acres adjacent to Potter Pond, to establish a resident-controlled, land-lease community of summer cottages, according to a news release.
The enclave will be called Village at Potter Pond. It previously was known as Wakamo Park.
Bristol County Savings Bank, based in Taunton, provided $4.6 million in financing. The Village at Potter Pond includes 72 summer cottages, most of them privately owned, according to the bank’s statement.
Prior to the purchase, the organization of homeowners leased the land from the seller, Shoreline Realty Co., under one-year lease terms. The purchase of the property by Village at Potter Pond LLC will allow the residents to enjoy stability and full control, according to the bank. The 10 acre community is not part of the area known as “the Point,” which had previously been sold by Shoreline Realty to a development company.
The individual homeowners will continue to lease the land for their structures, from Village at Potter Pond LLC, according to the bank’s statement.
“As a community bank, we are pleased to establish a new relationship with this wonderful community, and help us give its residents some peace-of-mind,” said Patrick J. Murray, president and CEO of the bank
