Rockland Trust Provides $20 Million in Financing for The Procaccianti Group’s Renaissance Marriott Hotel
ROCKLAND, MA (September 30, 2013) - Rockland Trust today announced $20 million in financing for The Procaccianti Group's purchase of the Renaissance Marriott Downtown Hotel in Providence. Prominently located close to the Rhode Island Convention Center, the Renaissance Marriott features 264 hotel rooms, eight suites, and nine meeting rooms, as well historic architecture, premium amenities, and the Temple Downtown Restaurant. This loan marks the third financing project the Procaccianti Group, a privately-held real estate investment and management company, has completed with Rockland Trust.
"Rockland Trust is excited to work with the Procaccianti Group again on this significant project," said Graham Kilvert, First Vice President and Lending Center Manager at Rockland Trust. "The Renaissance Marriott plays an important role in the local economy, and we are confident the Procaccianti Group will continue to improve this world-class property."
The Renaissance Marriott Downtown Hotel offers first-class hotel rooms conveniently located in downtown Providence. Amenities and services include a 24-hour fitness room, Wi-Fi, room service, house-keeping, day porter, high-end finishes and appliances, and valet or private parking. This property joins the Residences Providence in the Procaccianti Group's Providence portfolio, a mixed-use development with condominiums, hotel rooms, restaurants, and retail, for which Rockland Trust provided $18 million in refinancing in 2012.
"The Procaccianti Group looks forward to the further development of the Renaissance Marriott Downtown Hotel," said Robert Leven, Chief Investment Officer at The Procaccianti Group. "The continued support of Rockland Trust will help us promote the growth of the local economy by maintaining high-quality standards that drive more visitors to the city of Providence."
Based in Cranston, Rhode Island, the Procaccianti Group also operates regional offices in Atlanta, Georgia, and Santa Monica, California. For more information on The Procaccianti Group, please visit www.procgroup.com.
About The Procaccianti Group
Founded in 1964, The Procaccianti Group (TPG) is a privately-held real estate investment and management company with a broad national platform encompassing all real estate divisions. Since it was founded, TPG has owned, developed or managed hundreds of real estate assets in 28 states nationwide, exceeding 50 million square feet and with a market value of more than $5 billion. TPG is driven by a value-add model that creates value in under-performing and non-performing by maximizing operating efficiencies. For more information, please visit www.procgroup.com.
About Rockland Trust Company
A full-service commercial bank headquartered in Massachusetts with $5.9 billion in assets, Rockland Trust is the sole bank subsidiary of Independent Bank Corp. (NASDAQ: INDB), providing a wide range of consumer, business, investment, and insurance products and services. Named a Boston Globe "Best Place to Work" for four consecutive years and one of America's "Best Banks" by Forbes for three consecutive years, Rockland Trust's network consists of more than 75 retail branches, 11 commercial lending offices, five investment management, and three residential lending centers in Massachusetts and Rhode Island. To find out why Rockland Trust is the bank "Where Each Relationship Matters®", please visit www.RocklandTrust.com. Member FDIC. Equal Housing Lender.