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Washington Trust Provides $11 Million Loan For 18,000 Square Foot Food Hall In Providence
FINANCED
$11,000,000
Rhode Island
See Similar DealsDevelopment Site18,000 SF
Financed 03/31/2025
FINANCED
Washington Trust Provides $11 Million Loan For 18,000 Square Foot Food Hall In Providence
1 Union Street
See Similar DealsDevelopment Site18,000 SF
Financed 03/31/2025
Summary
RHODE ISLAND
Asset Type:Development Site
Price Per Square Foot:$611
Total Square Footage:18,000 SF
Transaction Type:Loan
The property asset involved in this transaction is a development site located at 1 Union Street, Providence, RI. The asset encompasses an area of 18,000 square feet, with a loan amount of $11,000,000 specifically designated for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,000,000
- Lender: Washington Trust
- Landlord: Christopher Marsella - Marsella Development Corporation
- Loan Type: Construction
- Date: 03/31/2025
This transaction involved financing provided by Washington Trust to Track 15 Operating, LLC, aimed at developing a food hall known as Track 15 within the historic Union Station of Providence.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,000,000.00
Monthly NOI$73,333.33
Monthly Debt Service$69,527.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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