The Armory Revival Company Announces Major Recapitalization for Rising Sun Mills, Providence

CBRE/NE retained for leasing of ±313,000 SF mixed-use property

Providence – March 6, 2017 – On behalf of The Armory Revival Company (TARC), CBRE/New England today announced the significant recapitalization of Rising Sun Mills, a ±313,000 SF mixed-use complex with 135 residential units and ±130,000 SF of commercial space located at 166 Valley Street in Providence, RI. On-site management by The Armory Management Company will oversee new construction commencing immediately with lobby renovations. Significant funds were also secured for anticipated tenant improvement projects, accounting for ±90,000 SF of available commercial space.

CBRE/NE's Andrew Galvin leads the leasing efforts for Rising Sun Mills.

“It is very exciting that TARC has secured this financing and recapitalized Rising Sun Mills,” added CBRE/NE's Galvin. “The rich brick and beam mill character of the building, combined with the residential lofts, café, river walk and bike path, make the property a true mixed-use development. With ±90,000 SF available, there is flexibility from 1,500–60,000 SF, allowing the project to meet the needs of most tenants in the Providence Office market.”

Located two miles from the heart of downtown Providence, Rising Sun Mills is easily accessible from Routes 6 and 10 as well as Interstate 95. The campus has 135 residential units and offers office tenants a parking ratio of 4.0/1,000 SF. The well-landscaped site features a waterfall, walking and bike paths along the Woonasquatucket River that also includes a fish ladder. In addition to the on-site Café at Easy Entertaining, there is an incredible selection of local and regional foods in Olneyville Square, Atwells Avenue and on Broadway.

About The Armory Revival Company (TARC)
The Armory Revival Company (TARC) has over 30 years of experience in planning, rehabbing and marketing historic buildings in southeastern New England. Founded in 1986 in Providence's historic Armory District, The Armory Revival Company has been a driving force in the revitalization of Providence's West Side. We have a passion for historic properties, for interesting design and for creating distinctive places to live and work. For additional information, please visit www.armoryrevival.com.

About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.