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WARWICK, RI-Villa del Rio, a 391-unit apartment complex here, is placing $15 million in refinancing. The borrower is Warwick Associates, which is owned and managed by Picerne Investment Corp., based in Rhode Island.

The five three-story buildings recently underwent a capital improvements program. The refinancing will be used for existing debt from that program. The 303 Greenwich Ave. complex houses 391-units of one and two bedroom apartments.

The terms of the loan were not disclosed, but was placed by a “syndicate of regional banks,” according to a representative for Boston-based Fantini & Gorga, who secured the refi for Warwick Associates.

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