Rhode Island Mixed-Use Gets $25M Refi

Washington Trust has provided a $25 million loan for the refinancing of a major retail, residential and hotel center located in South Kingstown, RI.

Washington Trust’s Commercial Real Estate Group has provided $25 million to SCC Investments LLC, SCC Investments II LLC and Green Tree Realty LLC, for the refinancing of the Village at South County Commons, a 17-building mixed-use center located in South Kingstown, R.I.

Village at South County Commons in South Kingstown, R.I.

Village at South County Commons in South Kingstown, R.I.

Open since 2003, South County Commons is considered one of southern Rhode Island’s premiere destinations for shopping, dining, professional services, entertainment and living. The center covers 30 acres and offers a total of 200,000 square feet of space. More than 70 tenants are currently among the property’s tenants, occupying retail, restaurant, professional office and medical space. South County Commons also features a Hampton Inn, luxury apartments, condominiums, independent and assisted living facilities, an eight-screen cinema, spa, and fitness center.

“Our clients have developed a real destination providing the only true lifestyle center in Southern Rhode Island,” Julia Anne Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group, said in prepared remarks. “With its excellent positioning and leisure amenities, the Commons has much to offer both its office and retail clients as well as the surrounding South County communities.”

Washington Trust’s Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects.

Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts.

Image courtesy of Washington Trust