BOSTON, July 19, 2011 /PRNewswire/ -- Webster Bank, a leading New England financial institution, announced today that it has provided $15.5 million in financing to PK Rumford LLC for Rumford Center, 20 Newman Avenue in Rumford, R.I. The mixed-use office, retail and apartment living community is a redevelopment of the historic mill complex that housed the Rumford Baking Powder Company until it was closed in 1957. PK Rumford, LLC is a joint venture between Peregrine Holdings and Kirkbrae Development.
According to Claudia Piper, senior vice president, commercial real estate for Webster Bank, the financing package includes $13 million to refinance existing debt and $2.5 million to finish Rumford Center's remaining 23 apartments and to cover expenses related to the available commercial space.
" Webster Bank was exceptionally crisp in its execution of this complicated refinancing. We are thrilled to have such a capable partner in the creation of significant additional value at Rumford Center, a campus that is fulfilling our vision of an important community center in East Providence," said Colin Kane, one of the principals of PK Rumford LLC.Rumford Center is comprised of eight buildings totaling 200,000 square feet that currently contain 89 residential apartments and more than 36,000 square feet of office and retail space. Retail tenants include Seven Stars Bakery and Avenue N American Kitchen, a new restaurant owned by renowned Providence chef Nick Rabar and his wife, Tracy. Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18.0 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 176 banking offices, 495 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com . SOURCE Webster Financial Corporation