On the Same Day, Loffredo Buys His Parents' Home for $1 — Then Mortgages It for $750,000 to Some Prominent Rhode Islanders

On the Same Day, Loffredo Buys His Parents' Home for $1 — Then Mortgages It for $750,000 to Some Prominent Rhode Islanders

 

A GoLocal investigation into land records finds that on March 21, 2025, accused fraudster Andrew Loffredo III pulled off two transactions involving his parents' home.

First, he paid $1 for his parents' home, located at 11 Sweetwater Road in Coventry, RI, via a quitclaim deed transaction which transferred the ownership from Andrew Loffredo, II and Robin Loffredo to one of Andrew Loffredo, III’s companies — Premier Property Group, LLC.

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That same day, Premier Property Group received $750,000 through a mortgage, the repayment terms of which are not public — and the collateral was Loffredo’s parents' home, a diner in Burrilville, and the rent from some other properties controlled by Premier Property Group.

 

 

The home at 11 Sweetwater is assessed by the town of Coventry at $617,000, and real estate appraisers estimate the value as high as $724,000. 

In addition, the mortgage holders took the additional step of filing a lien against the "goods" at the diner in Burrillville pursuant to the Uniform Commercial Code (UCC), a "good" is defined as any tangible, movable personal property at the time it is identified in the sales contract. 

Now, all of those assets — the Loffredo family home, the Burrilville diner, and the receivables are all under the control of temporary receiver Richard Land.

He was appointed by Superior Court Judge Brian Stern two weeks ago.

Over the two weeks, an ongoing GoLocal investigation has unveiled a series of legal issues facing the 28-year-old Loffredo. He is accused of fraud and, according to multiple sources, of having borrowed $30 million for Rhode Island businessman Stephen Soscia.  

Loffredo claims he only owes Soscia between $10 million and $15 million. “I think it's less than $20 million. I mean, I think it's more in the realm of $10 million to $15 million. Okay,” said Loffredo in a previous interview with GoLocal. He added, “And, you know, it's going to take 10, 15 plus years, you know, get the debt paid back. But I think at this point it's preserving what we can of these assets. And again, just stopping the bleeding."

Loffredo is also accused of borrowing the life savings of an employee, Billy Zwodin, who worked at one of Loffredo's failed restaurants. Loffredo owned through one of his many companies both Caffe Itri and Campanella's. Both of those restaurants are now closed and are also under the control of the receiver. Loffredo has also sued Zwodin.
 

 

Players in the Mortgage

According to documents obtained by GoLocal, the mortgage holders of Loffredo's parents' home and the other assets include Dunkin’ franchise owner James Lynch, who controls a significant group of Dunkin’ franchises through a corporation called Dan’s Management Company, which is located at the Dunkin' on Smith Street in Providence. 

Lynch’s position on the mortgage is as an individual.  He refused to respond to repeated questions

The second mortgage holder is Jay Nelson, the President of Excel Tire Gauge. He entered into the deal as an individual as well.

The third investor in the deal is an LLC, Giovanni 57. The officers of that company are Giovanni and Doreen Giarusso, and their daughter Christine Gamba.

In a phone interview with Gamba, she said, “[I am on the LLC] On it. For my father. I'm on it with my father. And. I don't know. All his business.”

 

 

Giovanni Giarusso is the brother of Anthony Giarusso — he and his wife, Janet, hold the mortgage on Loffredo’s house at 5 Lenihan Lane in East Greenwich. The Giarussos have moved forward with a foreclosure action against Andrew Loffredo, III.

For Andrew Loffredo, III’s parents, the future of the home is in question. They appear to have no ownership interest, and the mortgage holders and the receiver will determine the fate of the home.

Robin Loffredo, Andrew's mother, did not respond to questions about why she and her husband transferred the home for $1 to one of her son's companies.

 

Andrew Loffredo — Relationship With His Family

In an unrelated federal lawsuit in Massachusetts from 2025 undercover by GoLocal, Andrew submitted a document in which he wrote his personal history and included an outline of his relationship with his family:

I come from a close-knit, hardworking family. I grew up in a modest raised ranch on a quiet cul-de-sac in a middle-class household alongside my parents, my two older sisters (yes, I'm the youngest), and my mother's parents who I shared a very close relationship with growing up. My mother managed an at-home daycare with my grandmother, while my father has devoted over 41 years as a butcher at Stop & Shop, a true testament to dedication, reliability, and putting family first. I fondly recall how he never took a sick day or complained, always working overtime and on holidays to provide us with the things we dreamed of-whether it was a new 4-wheeler, a new jet ski, our first cars, or family vacations.

Last week, Andrew Loffredo, III's father, traveled to the ACI and paid his $300 bail related to a series of charges, including filing a false police report and cyberstalking.

 

This story is developing...