LeCesse Development, based in Altamonte Springs, Florida, recently refinanced GrandeVille at Greenwich, a 300-unit luxury apartment community in West Greenwich, RI. Berkadia Commercial Mortgage provided the HUD-insured loan in the amount of $42.8 million with a fixed rate of 4.18% and a 35-year term.
Completed in 2007, this community is located within the Centre of New England, a contiguous 450 acre master planned development located along Interstate 95 in central Rhone Island. Cambridge Management Services manages the asset. The property is 95% occupied.
GrandeVille at Greenwich is LeCesse's second project in Rhode Island. GrandeVille at the Commons, a 234-unit project in South Kingstown, RI was sold to Invesco in 2005.
LeCesse Development Corp. and its affiliates have developed and built real estate income properties with a value of over $1.5 billion. Organized and operated by Salvador F. Leccese, LeCesse develops award winning multifamily properties in the Southeast, Northeast and Midwest.
Contact: Stephen Novacki (407) 645-5575
LeCesse Development Corporation
Stephen@lecesse.com