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Article: Fleet makes a splash, lending $260M to R.I. mall developer. (Fleet National Bank, Rhode Island developer Commonwealth Development Group)
- Article from:
- American Banker
- Article date:
- June 2, 1997
- Author:
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In one of the biggest construction loans of the decade in New England, Fleet National Bank is arranging a $260 million loan for a 1.3 million square-foot shopping mall in downtown Providence, R.I.
The unit of Fleet Financial Group Inc. has fully underwritten the five year term loan to Commonwealth Development Corp., which is building Providence Place Mall, and Dresdner Bank is expected to take a $130 million piece of the loan.
The credit is the latest in a stream of deals that signal Fleet's revival of its real estate lending practice. The meltdown of the New England real estate market had badly damaged both Bank of New England Corp. and Shawmut National ...