In the dynamic landscape of Providence, Rhode Island, a comprehensive analysis of recent commercial lending activities unveils a robust market marked by the closure of 405 loans over the past 90 days. These transactions exhibit a diverse financial spectrum, with loan amounts ranging from $55,000.00 to a noteworthy $7,188,750.00, underlining the city’s commitment to a thriving real estate sector. The highest loan amount was particularly allocated for an Apartment, emphasizing the city’s dedication to multi-family housing development.
Property types securing financing in Providence mirror the city’s varied real estate offerings:
– Residential – Duplex/Triplex/Quadplex: 123 deals
– Single Family Residence: 99 deals
– Vacant – Residential: 38 deals
– Retail: 25 deals
– Multi-Family: 23 deals
– Mixed Use: 22 deals
– Apartments: 19 deals
– Residential Condo: 17 deals
– Vacant – Commercial: 10 deals
– Vacant: 8 deals
– Industrial: 7 deals
– Office: 6 deals
– Misc: 5 deals
– Commercial Condo: 2 deals
– General Commercial: 1 deal
Leading the charge among Providence’s active commercial lenders are reputable institutions contributing significantly to the city’s real estate growth:
1. Bank of America
2. Citizens Bank NA
3. TD Bank
4. Bluestone Bank
5. Velocity Mortgage Capital
These lenders play a pivotal role in shaping the diverse real estate landscape of Providence, collectively funding 19 commercial real estate deals. Their presence underscores the collaborative effort to provide competitive financing options, contributing to the vitality of Providence’s commercial real estate market.
