Intercontinental Real Estate Corporation Secures Financing for Waterplace
Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced today that it has secured financing for Waterplace, a luxury residential mixed use complex located in Providence, RI. Sovereign Bank provided the financing directly to Intercontinental Fund IV Waterplace, LLC, a single asset entity of Intercontinental Real Estate Investment Fund IV, LLC. The construction financing will provide Intercontinental with base funding with additional proceeds subject to condo pre-sales.
Waterplace is a mixed-use residential and retail complex overlooking the river basin and Waterplace Park in the Capital Center District. The development broke ground in May of 2005 and is scheduled for completion and occupancy in late 2007. Waterplace will feature 193 luxury condominiums in its two residential towers, 17 and 19 stories, a 478 space underground parking garage, retail on the ground level, and two additional pads available for development. Waterplace will offer residents luxury living of unparalleled elegance, combining the finest amenities and best location the city has to offer. Waterplace residences start in the $400,000s and reach $2.5 Million, attracting a wide spectrum of residents who all share a love for Providence and city living.
Paul Nasser, CFO and COO of Intercontinental states, “we are very pleased that Sovereign was able to provide us with a loan facility giving us the flexibility to move this project through a successful sellout. The financing of Waterplace by a well known and respected bank like Sovereign demonstrates a building confidence in the condominium market, the City of Providence, and Intercontinental.”
Steve Issa, Rhode Island Market CEO for Sovereign Bank confirmed Sovereign’s commitment to supporting Providence’s economic growth and opportunity. “We are pleased to be participating in the ongoing development and renaissance occurring in the city of Providence and to partner with Intercontinental on this groundbreaking project.”
Mike Lee, Real Estate Market Manager for Sovereign Bank added, “at Sovereign we understand that private capital is needed to help fund projects that contribute to Providence’s economic vitality. We applaud Intercontinental’s vision for Waterplace and its unique offering of residential ownership in one of our city’s premier locations.”
Sovereign Bank offers a broad range of commercial real estate finance products with a focus on project based lending. The Commercial Real Estate division helps companies finance all phases of development, from land acquisition through construction, for both owner-occupied and investment properties. In addition to Waterplace, Sovereign has also funded the redevelopment of Eagle Square in Providence’s West End and the conversion of the Rising Sun Mills.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has built, developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1.6 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.