Webster Bank Finances $15.5 Million for Redevelopment Project
Webster Bank has provided a $15.5 million loan to PK Rumford LLC in order to help finance the redevelopment of a historic Rhode Island mill complex.
With the loan, Rumford Center will consist of mixed-use office, retail and an apartment living community. The site was the former home of the Rumford Baking Powder Co. until it closed in 1957.
According to Claudia Piper, senior vice president of commercial real estate for Webster Bank, the 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.
Rumford Center is comprised of eight buildings totaling 200,000 square feet that contains 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.
“Webster Bank was exceptionally crisp in its execution of this complicated refinancing,” said Colin Kane, principal of PK Rumford. “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.”
PK Rumford is a joint venture between Peregrine Holdings and Kirkbrae Development.