Lippitt Mill Complex Sold
Ferrucci Russo closed the sale of Lippitt Mill to JSA Equities of New York on February 27th. The property will be converted into a 94-unit residential development. In order to reach a closing, Ferrucci Russo attorneys addressed several, novel issues in the receivership process including securing a tax treaty with the Town of West Warwick, reaching agreement with West Warwick to create a second means of ingress/egress to the development, and resolving several environmental issues with the Rhode Island Department of Environmental Management.
This is one of several significant historic mill projects that we have restructured, originally financed through historic and new-market tax credits, in Rhode Island including Anthony Mill, Harris Mill, Cotton Shed Mill, and Royal Mill.