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For over 100 years St. Clare in Newport, Rhode Island, has been providing the highest quality of care to its elderly residents. Over the years, the needs of these residents has changed, and in 2015 the organization required significant funding in order to continue to provide the best care for its residents.
Savings Institute Bank & Trust was able to answer this need, providing the $15.28 million dollar line of credit financing to help St. Clare with its renovation and expansion. The 18-month expansion will create facilities that meld the old with the modern, including an innovative model of care. The renovation comprises an assisted living facility, new parking accommodations, courtyards, and a café and dining room, all with stunning views of Newport.
“We were glad to have the assistance of Savings Institute Bank & Trust to help our vision of the future of senior living in Newport come to life. This line of credit was the perfect solution to allow us to expand our program and not disturb our current residents,” remarked Mary Beth Daigneault, Administrator.
Savings Institute Bank & Trust is proud to have been able to assist St. Clare with its expansion, and we’d love to help you, too. Do you have a unique project or lending need? We’re here to help. To learn more, please contact Cristina Feden at (401) 447- 4326. St. Clare groundbreaking ceremony photo above courtesy of Heidi Gumula.
Cristina Feden provides commercial lending services to our Aquidneck Island offices, as well as to all of Rhode Island and southeastern Massachusetts. Cristina has more than 10 years of banking experience with significant C&I and Real Estate lending expertise.