Laurelmead Secures $15.9 Million Loan For Land Acquisition In Providence, RI

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.