In a significant development for Newport’s real estate landscape, The Peregrine Group LLC has successfully secured $6.6 million in financing from Rockland Trust for the construction of a new housing development. The project, a residential condominium subdivision located at 50 Memorial Blvd, is set to feature eight modern units.
Keith Dubois, Vice President and Commercial Lender at Rockland Trust, expressed pride in the collaboration, stating, “Rockland Trust is proud to be working with the Peregrine team to bring additional housing options to Newport. We are happy to be working once again with the partners at Peregrine Group and 50 MEM LLC to provide housing solutions in a constrained market, and we’re excited to be part of this project.”
The city of Newport has experienced limited growth in housing over the past two decades, adding a net of 24 units, equivalent to a 0.18% growth rate since 2000. In contrast, statewide housing has seen a 9% increase during the same period, as reported by Newport Daily News. The Peregrine team, recognizing the need for expanded housing options in Newport, has collaborated with local broker Libby Kirwin to effectively market the units and strategically position the development.
Colin Kane, Founding Principal of Peregrine Group LLC, expressed gratitude for the enduring partnership with Rockland Trust, stating, “It is once again our privilege to partner with Rockland Trust. Rockland has been our primary business and commercial real estate lender for nearly 15 years, and much of Peregrine’s success is a result of their sophistication and support.”
With Rockland Trust’s financial backing and the expertise of Peregrine Group and its partners, the Newport housing development at 50 Memorial Blvd is poised to contribute valuable residential options to the city’s constrained real estate market. The collaboration aims to address the housing shortage and provide a positive impact on Newport’s growth and development.
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