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Rumford, R.I. — Lee & Associates has arranged a $5 million permanent first mortgage loan for the acquisition of a 13,000-square-foot retail center located at 75 Newport Ave. in Rumford, approximately four miles east of Providence. Kempner Properties purchased the center for $8.5 million. The seller was Horvath & Tremblay. Dave Carswell and Ryan Fitzpatrick of Lee & Associates secured the non-recourse loan through First Tech Federal Credit Union. The loan features a 30-year amortization schedule.
Situated on nearly two acres, the retail property features a mix of tenants such as Chipotle Mexican Grill, Jersey Mike’s Subs, AT&T, Wingstop, Salon Suites and Nails & Spa.