BOSTON – Fantini & Gorga has arranged $7 million in permanent financing for The Dean, a 52 key, four story, boutique hotel located in downtown Providence, Rhode Island.
“We expected to generate a lot of interest for this hotel as it has had great occupancy since opening in 2014. The Dean occupies a unique space in the Providence market as one of only two boutique hotels. The property features unique interiors that give a fresh take on comfort and simplicity, while retaining many of the building’s original details, including its mosaic tile flooring and brick façade. It shows how much care has been put into the property which, resulted in a better financing” stated Derek Coulombe, Senior Managing Director, who together with Lindsay Feig, Senior Analyst, arranged the financing. “We were able to deliver long term financing at a low rate, for this unique property with a regional bank. With this refinancing the borrower was able to return some money to its investors and put some money into future hotel development projects.”
Located in the heart of historic downtown Providence, across from the Dunkin Donuts Center and Rhode Island Convention Center, The Dean commenced operation in 2014 after an extensive gut renovation.
Throughout the property the developers included the history and culture of Providence in design and styling, filled with custom furniture, craftwork from local purveyors and found objects from Europe and beyond, with room types ranging from the typical king and queen beds to twin bunk beds and quads which has 2 bunk beds. Few of the 52 rooms or suites are alike. There are several food and beverage venues at The Dean, including local roaster Bolt Coffee located in the hotel’s lobby; The Boombox, a private karaoke bar; The Magdalanae Room Hotel Bar, and North, an Asian-inspired restaurant housed in a portion of the hotel that was formerly a gentlemen’s club. Room service is provided by the restaurants on the main floor and the property is serviced by valet.