A condo development on Memorial Boulevard has received funding. What's planned.
A new housing development planned for Memorial Boulevard just got one step closer to reality.
Peregrine Group, a real estate advisory firm, and the previous owners of the property, Property Management firm DePasquale Bros., Inc, received approval from the Planning Board to build four two-story townhouse-style duplex condominiums at 50 Memorial Boulevard in July 2023. The project will consist of eight housing units total.
Now, the project has financial backing. Peregrine Group announced that Rockland Trust has provided $6.6 million in financing for the condominium project.
“Rockland Trust is proud to be working with the Peregrine Group to bring additional housing options to Newport,” Rockland Trust Vice President Keith Dubois said in a statement on the press release. “We are happy to be working once again with the partners at Peregrine Group and 50 MEM LLC to provide housing solutions in a constrained market, and we’re excited to be part of this project.”
This is not Rockland Trust’s first time financing a condominium, or any other kind of housing, in Newport. The company recently partially discharged its mortgage security agreement with 10 Brown & Howard Wharf LLC for the nine-unit condominium building it purchased in 2021 for $8.2 million.
Peregrine Group also has experience in Newport. Its principal, Colin Kane, is the chair of the city’s Ad Hoc Bridge Realignment Property Advisory Commission. Kane is also a co-owner of the Hammetts Hotel in Newport.
"It is once again our privilege to partner with Rockland Trust. Rockland has been our primary business and commercial real estate lender for nearly 15 years, and much of Peregrine’s success is a result of their sophistication and support," Kane said in a statement.
This article originally appeared on Newport Daily News: Memorial Boulevard condo development funding announced
