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Laurelmead Secures $15.9 Million Loan For Land Acquisition In Providence, RI
FINANCED
$15,900,000
Rhode Island
See Similar DealsLand
Financed 07/11/2025
FINANCED
Laurelmead Secures $15.9 Million Loan For Land Acquisition In Providence, RI
355 Blackstone Blvd
See Similar DealsLand
Financed 07/11/2025
Summary
RHODE ISLAND
Asset Type:Land
Transaction Type:Loan
The transaction involves an acquisition loan for land located at 355 Blackstone Blvd in Providence, RI. The loan amount is $15,900,000, which will be utilized for the purchase of the land by Laurelmead from Butler Hospital. This financing is pivotal for maintaining the senior living community's long-term location and operational stability.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $15,900,000
- Loan Type: Acquisition
- Landlord: Laurelmead
- Broker: Alan Doyle - Larew Doyle & Associates
- Market: Providence, RI
Larew Doyle & Associates played a crucial role in securing the acquisition financing from a Massachusetts regional bank, facilitating Laurelmead’s growth and allowing it to continue providing a vibrant lifestyle for its residents.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$15,900,000.00
Monthly NOI$106,000.00
Monthly Debt Service$100,498.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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