Berkshire Bank Arranges $100 Million Term Financing for Garden City Center in Cranston, RI

Boston – Berkshire Bank, a relationship-driven, community-focused bank in New England and New York, recently closed a $100 million term financing for Garden City Center, Rhode Island’s premier, open-air, retail destination in Cranston owned jointly by CrossHarbor Capital, a leading multi-strategy commercial real estate investor, and WS Development of Chestnut Hill, Massachusetts.
 
Garden City Center offers upscale shopping with a strong roster of well-known national and regional retailers including Anthropologie, Warby Parker, Sephora, J. Crew, free people, lululemon, LL Bean, Whole Foods Market, Sweetgreen, Starbucks and more. In all, it features more than 500,000 square feet of retail space and a lush outdoor experience with common green spaces for community activities.

Berkshire served as Lead Agent bank for the financing with additional local lenders, Washington Trust, HarborOne, and Cambridge Savings, rounding out the lending group. 
 
“CrossHarbor and WS Development together have successfully developed and operated multiple retail assets and we are very pleased to support them via this refinancing of Garden City Center,” said Doug MacLean, Senior Managing Director, Commercial Real Estate. “Berkshire’s industry-leading commercial real estate professionals are committed to helping grow the Rhode Island economy by supporting companies like WS Development with tailored commercial banking solutions and access to local decision makers,” he said.
 
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About Berkshire Bank  
Berkshire Bank is a relationship-driven, community-focused bank that delivers industry-leading financial expertise to clients in New England and New York and is a subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB), headquartered in Boston. With $12.1 billion in assets and 96 financial centers, the Bank provides a full suite of tailored banking solutions through its Commercial Banking, Retail Banking, Consumer Lending, Private Banking and Wealth Management divisions. For more than 175 years, Berkshire has delivered strength, stability and trusted advice to empower the financial potential of its clients and communities. Newsweek named Berkshire one of America’s Most Trusted Companies and one of America’s Best Regional Banks. To learn more, visit BerkshireBank.com and follow Berkshire on Facebook, Instagram, and LinkedIn.  
 
About CrossHarbor Capital Partners
Founded in 1993, CrossHarbor Capital Partners is a leading real estate investment manager offering a multi-strategy investment platform providing investors with broad access to opportunities across property types, geographies, and the capital structure. With a $29 billion investment track record, the firm currently has $9.6 billion in assets under management in several investment programs along the risk-return spectrum. Through its nation-wide, relationship-driven origination platform, disciplined investment approach, and highly experienced team of professionals, CrossHarbor seeks to generate consistent, risk-adjusted outperformance while focusing on capital preservation. In 2009, CrossHarbor acquired the Yellowstone Club in Big Sky, Montana out of bankruptcy proceedings, turning it into one of the world’s premier destinations. Its subsequent Big Sky investments are managed through its subsidiary, the Lone Mountain Land Company. CrossHarbor is based in Boston with offices in  Chicago and Los Angeles. For more information, please visit www.CrossHarborCapital.com.
 
About WS Development
Massachusetts-based WS Development is a mixed-use developer with a singular mission: creating places people want to be. With an approach that values art, science, innovation and, above all else, people, WS strives to engage each community it serves with best-in-class experiences, designed with our customers, tenants and partners in mind. Established in 1990, WS is one of few vertically-integrated real estate companies that conceptualizes, owns, operates and leases more than 100 properties that range from cutting-edge urban spaces to lifestyle and community centers. With over 22 million square feet of existing space and an additional nine million square feet under development, it is one of the largest privately-owned development firms in the country. For more information, visit www.wsdevelopment.com, call 617.232.8900 or follow WS Development on LinkedIn.
 
Media Contacts:   
For Berkshire: Alicia Jacobs, AVP, Public Relations Officer, [email protected], (413) 242-6540  
For CrossHarbor: Maureen Richardson, River Communications, [email protected], (914) 686-5599