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Posted: October 28, 2013
Deluski of BankRI provides $4.5 million
BankRI supported The Arcade Providence micro-loft project, by providing $4.5 million in debt financing.
The Arcade is one of the oldest indoor shopping malls in the nation and located between Westminster and Weybosset Sts. The three-story building was built in 1928 and is a national historic landmark. Evan Granoff of 130 Westminster Street LLC, Providence, also known as The Arcade, is overseeing the renovations to convert the building into a retail and residential mixed-use building that will consist of 48 micro-loft residential apartments on the 2nd and 3rd levels. There will be three restaurants in addition to the 17 micro-retail units on the first and basement levels. The project has been well received.
Andrew Deluski, a vice president in BankRI's commercial real estate group facilitated the transaction.
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