Luxury Residential Condominium

East Greenwich, RI

Clubhouse Capital secured a revolving $4.5 million construction loan to fund the construction of two 21-unit buildings in this highly-desirable AAA suburban location. The project is comprised of a total of 63 units in three 3-story buildings. The original developer failed when the market crashed in 2008. The bank took over and completed the first building, selling all of the units at auction at prices in the $299,000 to $349,000 range. The current developer purchased the remaining development rights at an on-line auction several years ago (assisted by Clubhouse Capital), and commenced construction of the second building in the Summer of 2017. The construction loan revolves, allowing the developer to utilize the credit facility to construct the third building after a minimum number of units in the second building have been conveyed. (Fall 2017)