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PROVIDENCE, RI-Boston-based Intercontinental Real Estate Corp.has received construction financing from Sovereign Bank for its$100-million Waterplace mixed-use project now under constructionhere. Terms of the financing deal were not disclosed but PaulNasser, CFO and COO of Intercontinental, tells GlobeSt.com that thebank has made a $105-million commitment to the project.
"The initial funding of the project was all equity," Nasserexplains. "What this financing does is allow us to put debt on topof our equity to finish the project."
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