By William Hamilton
PBN Staff Writer
PROVIDENCE – Webster Bank is providing $15.5 million in financing to PK Rumford LLC to refinance and to complete 23 apartments at the Rumford Center in East Providence.
The Rumford Center, which also includes offices and retail space, is a rehabilitated historic mill complex that housed the Rumford Baking Powder Co. until it closed in 1957. PK Rumford LLC is a joint venture between Peregrine Holdings and Kirkbrae Development.
Webster’s financing package includes $13 million to refinance existing debt and $2.5 million to finish Rumford Center’s remaining 23 apartments and to cover expenses related to the available commercial space, according to Claudia Piper, Webster senior vice president, commercial real estate.
“Webster Bank was exceptionally crisp in its execution of this complicated refinancing,” said Colin Kane, one of the principals of PK Rumford LLC. “We are thrilled to have such a capable partner in the creation of significant additional value at Rumford Center, a campus that is fulfilling our vision of an important community center in East Providence.”
Rumford Center, located at 20 Newman Ave., East Providence, is comprised of eight buildings, totaling 200,000 square feet, that contain 89 residential apartments and more than 36,000 square feet of office and retail space. Retail tenants include Seven Stars Bakery and Avenue N American Kitchen, a new restaurant.