Rockland Trust Provides $26 Million in Financing for The Procaccianti Group’s Hilton Providence
PROVIDENCE, RI. (February 10, 2014) - Rockland Trust today announced $26 million in refinancing for The Procaccianti Group's Hilton Providence. Located in the center of downtown Providence, the Hilton Providence features 274 hotel rooms, ten meeting rooms, a 212 vehicle parking garage, and a full-service Starbucks, as well as Shula's 347 Restaurant. This is the fourth financing project that Rockland Trust has brokered on behalf of The Procaccianti Group, a privately-held real estate investment and management company based in Cranston, RI.
"Rockland Trust is thrilled to support The Procaccianti Group in its latest commercial project," said Graham Kilvert, First Vice President of Lending Center Manager at Rockland Trust. "The Hilton Providence plays an important role in the city's economy, as well as provides outstanding hospitality to guests visiting our city."
The Hilton Providence Hotel offers first-class hotel rooms conveniently located in downtown Providence, adjacent to the Dunkin Donuts Center and Rhode Island Convention Center and is within walking distance of the Providence Place Mall, Federal Hill, and Providence's Historic East Side. Amenities and services include a newly-renovated fitness center, heated indoor pool, Wi-Fi, room service, house-keeping, and valet dry cleaning and laundry. This property joins The Procaccianti Group's Providence portfolio, which includes the Residences Providence and the Renaissance Marriott Hotel, both of which were financed by Rockland Trust.
"We are excited to further develop the Hilton Providence Hotel," said Robert Leven, Chief Investment Officer at The Procaccianti Group. "The commitment from Rockland Trust will enable us to continue our one-of-a-kind hospitality and help to bring economic growth to the local area."
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
A full-service commercial bank headquartered in Massachusetts with $6.1 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 to the Boston Globe's "Top Places to Work" for five consecutive years and one of America's "Best Banks" by Forbes for four consecutive years, Rockland Trust's network consists of nearly 80 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.