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Oct. 22, 2013

Rockland Trust Provides $20M for Renaissance Marriott Deal

by Adriana Pop, Associate Editor

Rockland Trust has provided $20 million in financing for The Procaccianti Group’s purchase of the Renaissance Marriott Downtown Hotel in Providence. Located near the Rhode Island Convention Center, the property features 264 hotel rooms, eight suites, and nine meeting rooms. Amenities include a 24-hour fitness room, Wi-Fi, high-end finishes and appliances, and valet or private parking.

Procaccianti’s local portfolio also includes Residences Providence, a mixed-use development including condominium, hotel, retail and restaurants components. Rockland provided $18 million to refinance the property last year. The Renaissance Marriott loan marks Rockland’s the third financing for Procaccianti.

In other finance news, Washington Trust’s commercial real estate group has provided $5.3 million in acquisition financing to Residences at Garden City, L.L.C., for its purchase of Garden City Apartments, a 94-unit property in Cranston.

Built in 1948, the complex encompasses seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units on a 5.2 acre site. Amenities include a landscaped park-like setting, off-street and garage parking, 24-hour emergency maintenance and laundry facilities. The property is located near Garden City Shopping Center.

Photo credits: www.marriott.com

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