{"id":1004653853,"date":"2023-03-31T02:21:47","date_gmt":"2023-03-31T10:21:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004653853"},"modified":"2023-03-31T02:21:49","modified_gmt":"2023-03-31T10:21:49","slug":"foxrock-lands-refi-for-providence-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/","title":{"rendered":"FoxRock Lands Refi for Providence Property"},"content":{"rendered":"
\"1<\/a>

1 Albion Road. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

FoxRock Properties<\/strong> has received $17.3 million in refinancing<\/a> for 1 Albion Road, an office and industrial property totaling 282,924 square feet in Lincoln, R.I.<\/p>\n

JLL Capital Markets<\/strong> worked on behalf of the borrower to secure the five-year, fixed-rate loan from Abington Bank<\/strong>. Senior Director Jonathan Schneider led the JLL Debt Advisory team.<\/p>\n

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<\/strong>, CommercialEdge data shows.<\/p>\n

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.<\/p>\n

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\u00a0 such as Target, Reeb Milwork Corp. and other campuses, including George Washington Highway Office Center.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets secured financing for the asset encompassing office and industrial space.<\/p>\n","protected":false},"author":2829,"featured_media":1004653857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,21752,21742,10,21747],"tags":[44006],"class_list":["post-1004653853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-mixed-use","category-latest","category-northeast","category-office","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nFoxRock Lands Refi for Providence Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"FoxRock Properties has received $17.3 million in refinancing for an office and industrial asset totaling 282,924 square feet in Lincoln, R.I.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FoxRock Lands Refi for Providence Property\" \/>\n<meta property=\"og:description\" content=\"FoxRock Properties has received $17.3 million in refinancing for an office and industrial asset totaling 282,924 square feet in Lincoln, R.I.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-31T10:21:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-31T10:21:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/1-Albion-e1680002290542.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2090\" \/>\n\t<meta property=\"og:image:height\" content=\"1566\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/\",\"name\":\"FoxRock Lands Refi for Providence Property - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/1-Albion-e1680002290542.jpg\",\"datePublished\":\"2023-03-31T10:21:47+00:00\",\"dateModified\":\"2023-03-31T10:21:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"FoxRock Properties has received $17.3 million in refinancing for an office and industrial asset totaling 282,924 square feet in Lincoln, R.I.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foxrock-lands-refi-for-providence-property\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/1-Albion-e1680002290542.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/1-Albion-e1680002290542.jpg\",\"width\":2090,\"height\":1566,\"caption\":\"1 Albion Road. 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