BankRI Provides $2.85 Million Financing for Providence College Student Housing

PROVIDENCE, RI – Bank Rhode Island (BankRI) announced that its Commercial Real Estate Division recently provided $2.85 million financing to Sheldon E. Schwartz, MD for the acquisition of eight properties in Providence. All eight of the properties are in close proximity to the campus of Providence College and are used predominantly as student housing for Providence College students.

The deal was finalized in late February, and the properties were sold as a pool of properties.

“Securing the continuity of properties historically used for student housing is critically important to the growth of Providence College,” said Keb Brackenbury, Senior Vice President of Commercial Real Estate for BankRI. “We are pleased to have had the opportunity to assist Dr. Schwartz in making this deal come to fruition.”

David Cunningham, Vice President of Commercial Real Estate for BankRI facilitated the transaction. Marcus & Millichap represented the seller, and Collier International represented the buyer.

BankRI’s Commercial Real Estate Division provides financing for the construction, refinancing, or purchasing of investment real estate projects. For more information, contact Keb Brackenbury, Senior Vice President, Commercial Real Estate, at (401) 574-1615.

About Bank Rhode Island

Bank Rhode Island, a wholly owned subsidiary of Brookline Bancorp, Inc. (NASDAQ:BRKL), is a full-service, FDIC-insured financial institution headquartered in Providence, Rhode Island.  The bank operates 19 branches and more than 60 ATMs throughout Providence, Kent and Washington Counties. For more information, visit www.BANKRHODEISLAND.com.

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