Medical Office Building

Kent County, RI

Clubhouse Capital secured $5.0 million in construction financing for a prominent Rhode Island development firm for the construction of this 30,000 sf medical office building. The building was constructed on a long-term ground lease; the developer has options to lease additional adjacent land to expand the project. Located just 100 yards off Route 4 (Exit 6) near the geographic center of the state, this is a prime location for expanded medical and associated uses. Prior to construction, 30% of the space had been pre-leased to a hospital. The balance of the space is intended for related uses, including a separately owned and operated blood lab and a physical therapy rehabilitation clinic. The construction loan converts to a mini-perm upon lease stabilization, and was funded by a regional bank. (Fall 2007)