Webster Bank put up $15.5 million in financing so the developer of Rumford Center in East Providence, R.I., can complete the office, retail and apartment community.
The project is a redevelopment of the historic mill complex that housed the Rumford Baking Powder Company until it was closed in 1957.
Developer PK Rumford LLC is a joint venture between Peregrine Holdings and Kirkbrae Development.
Waterbury-based Webster says the financing package includes $13 million to refinance existing debt and $2.5 million to finish Rumford’s remaining 23 apartments and to cover expenses related to the available commercial space.
