All Entries Tagged With: "Real Estate"
BankRI Provides $5.57 Million Financing to WSCHB, LLC for Construction of Medical Office Building in Westerly
PROVIDENCE, R.I. – Bank Rhode Island (BankRI) announced today that its Commercial Real Estate Division recently financed a $5.57 million construction loan for WSCHB, LLC to assist with the acquisition and development of nearly 4 acres of land in Westerly.
BankRI’s loan to WSCHB, LLC, an East Greenwich-based real estate holding company, will help support the construction of a 30,000 square foot multi-tenanted medical office facility located at 268 Post Road in Westerly. The project is being developed, constructed and managed by John K. Greim, Jr., Managing Partner of WSCHB, LLC. The site will be developed into the Westerly Medical and Wellness Center. Two of the building’s major tenants include South County Health and Orthopedics Rhode Island.
“This is an exciting project that will turn a vacant lot into medical facility that will serve as an important resource for residents across southern Rhode Island,” said Keb Brackenbury, Senior Vice President of Commercial Real Estate Lending for BankRI. “We’re pleased to have had the opportunity to work with WSCHB, LLC and help get this project started.”
Keb Brackenbury, Senior Vice President of Commercial Real Estate Lending for BankRI facilitated the transaction.
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 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 55 ATMs throughout Providence, Kent and Washington Counties. For more information, visit www.BANKRHODEISLAND.com. You can also find BankRI on Facebook atwww.Facebook.com/BankRhodeIsland.
Housing Market Momentum Continues in September
WARWICK, RI – September home sales activity continued to outpace that of last year, with the number of single family home closings rising nearly ten percent from September, 2014. Median price also increased almost 12 percent to $230,000. Rhode Island saw the largest gain in year-over-year price appreciation since October, 2014 according to the Rhode Island Association of Realtor.
Sales under contract but not yet closed increased nine percent from a year ago, an indication that sales levels will remain above last year’s in the months ahead. The number of foreclosure and short sales dropped 38 percent from the prior year.
The multi-family home market also made solid gains with the number of closed transactions rising ten percent and median price increasing 20 percent compared to September, 2014. As distressed sales continue to be pushed out of the market however, pending sales have decreased, an indication of a slowdown on the horizon in multi-family home sales.
While sales activity also increased in the condominium market, the median sales price dropped seven percent to $200,000. Distressed sales decreased 37 percent over the past year. Activity in the condo market is slowing down. Pending sales, while still three percent ahead of last year, diminished from the prior month.
“There’s really very little new to report. Rhode Island’s housing market has been doing well throughout 2015 and continued to thrive in September,” commented Bruce Lane, 2015 President of the Rhode Island Association of Realtors. “A better economy and remarkably low interest rates are helping to keep the momentum moving forward.”
The Rhode Island Association of Realtors will release third quarter housing sales statistics on October 29, 2015.
About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 4,400 members in approximately 750 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Islands property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.
The Association is one of more than 1,400 local boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
Luca Named 2015 Rhode Island Realtor of the Year
WARWICK, RI – The Rhode Island Association of Realtors (RIAR) has announced that Joseph Luca of RE/MAX Preferred in North Providence was chosen by his peers as the 2015 Rhode Island Realtor of the Year. The award recognizes one of more than 4000 Realtors throughout Rhode Island for their dedication to the Realtor organization and their local communities. The statewide winner is chosen from the winners of five regional Realtor of the Year awards. Winners are chosen based on their demonstrated commitment to their local, state and national boards of Realtors, civic contributions and business accomplishments.
Luca has served in various leadership roles on the local, state and national Realtor associations, among them: 2014 President of the Northern Rhode Island Board of Realtors (NRIBR); Chair of the NRIBR Communications and Nominating Committees; Rhode Island Association of Realtors (RIAR) board member; 2015 co-chair of the RIAR Government Affairs Committee; and 2015 of the Realtor Political Action Committee Participation Council. He is also an active member of several community and civic organizations including the Masonic Brotherhood’s Redwood Lodge #35, Saint Joseph’s Church, Mendon Road Woonsocket, Past Chairman of the Republican Town Committee and has coached in the Cumberland Youth Soccer Association.
“The Rhode Island Association of Realtors is honored to be able to recognize Joe Luca as the 2015 Rhode Island Realtor of the Year. Joe has been an asset to so many individuals and organizations. His accomplishments and dedication have elevated the entire Realtor community,” said Philip Tedesco, Chief Executive Office of the Rhode Island Association of Realtors.
Luca has been a recipient of the Northern Rhode Island Board of Realtors Diamond Award for Professional Sales and the RE/MAX Executive Award for outstanding sales performance and achievement. A resident of Cumberland, RI, he holds a real estate license in Rhode Island and Massachusetts and is a graduate of Boston University.
Other candidates for the 2015 Rhode Island Realtor of the Year award included Agueda Del Borgo of Places & Spaces Realty in Providence, Belinda Nattress of Keller Williams Realty Newport in Middletown, Greg Dantas of RI Real Estate Services in East Greenwich and Richard Carrubba of Berkshire Hathaway HomeServices in Newport.
About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 4,400 members in approximately 750 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Islands property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.
The Association is one of more than 1,400 local boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
National Association of Realtors Omega Tau Rho Award Presented to Warwick Realtor
WARWICK, RI – The Rhode Island Association of Realtors has announced that Dean deTonnancourt of West Warwick, RI, has been inducted into the Omega Tau Rho fraternity of the National Association of Realtors. Membership in the honorary fraternity is represented by the Medallion of Service which is awarded as a token of the high esteem in which inductees are held by their fellow Realtors and symbolizes the recognition and appreciation accorded to them for their contributions to the National Association of Realtors and its institutes, societies and councils.
A member of the Realtor organization since 1990, deTonnancourt is a past President of the Kent Washington Association of Realtors and has served on the Boards of Directors of the Kent Washington and the Rhode Island Associations of Realtors. He is also a past chair of the Realtors Political Action Committee, and was a Federal Political Coordinator for the National Association of Realtors to U.S. Representative David Cicilline. He was twice elected Kent Washington Realtor of the Year and was named the Rhode Island Realtor of the Year in 2014.
Dean deTonnancourt is the Broker/Owner of HomeSmart Professionals Real Estate in Warwick and is a resident of West Warwick.
