FoxRock Lands Refi for Providence Property
JLL Capital Markets secured financing for the asset encompassing office and industrial space.
FoxRock Properties has received $17.3 million in refinancing for 1 Albion Road, an office and industrial property totaling 282,924 square feet in Lincoln, R.I.
JLL Capital Markets worked on behalf of the borrower to secure the five-year, fixed-rate loan from Abington Bank. Senior Director Jonathan Schneider led the JLL Debt Advisory team.
FoxRock Properties purchased the facility in 2018 for $16.3 million, financed with an acquisition loan of $14.2 million, provided by Citizens Bank National Association, CommercialEdge data shows.
Originally completed in 1964, the property underwent renovations last year, which including a new fitness center and modernized lobby. The facility encompasses two interconnected, multi-story buildings. The office component encompasses 130,000 square feet. The property is 82 percent leased to Granite Telecommunications, Vicor, UNFI and Zebra Technologies, among others.
The property is situated close to Interstate 295 and State Route 146, 10 miles from downtown Providence and 50 miles from Boston. North Central State Airport is less than 2 miles away. The area houses names such as Target, Reeb Milwork Corp. and other campuses, including George Washington Highway Office Center.
The Rhode Island office market is currently stagnant in terms of new speculative development, as the focus is on the adaptive reuse of older historical buildings, according to a 2022 fourth-quarter Cushman & Wakefield report. Buildings that were recently renovated and added new sets of amenities are sought after.
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