Washington Trust Provides $4.8 Million Financing For Historic Providence Building
Washington Trust Provides $4.8 Million Financing For Historic Providence Building
WESTERLY, R.I.--(BUSINESS WIRE)-- Washington Trust'sCommercial Real Estate Grouprecently provided $4,800,000 incommercial mortgagefinancing to Emanon Associates, L.P. to refinance and provide capital and tenant improvement funds for The Gardner Building located at 40 Fountain Street in Providence, R.I.
Washington Trust Provides $4.8 Million Financing For Historic Providence Building (Photo: Business Wire)
Built in 1916, the eight-story, 75,000 square foot office property, with its distinctive ninth story tower, has been owned by Emanon Associates, LP for more than 20 years.The stone and brick sheathed building originally housed the R. L. Greene Paper Company and was named for its President Nathan L. Gardner.From 1925 - 1935 the Gardner Building was owned by Bryant and Stratton Business College (the precursor of Bryant University) which renovated and modernized the structure, arranging classrooms in the style of mock businesses.
"The Gardner Building is located in an area of Providence, R.I. that's currently being revitalized, which is a nice story for our capital city," said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer."It historically has had a strong and mixed tenant base, including private, non profit and public sector tenants, which bodes well for the success of the project."
Washington Trust'sCommercial Real Estate Groupprovides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contactLaurel Bowerman, Vice President, Commercial Real Estate Group, 401-654-4847 or 1-800-475-2265 ext. 8247.
Founded in 1800,Washington Trustis one of New England's premier financial services companies, providingcommercial banking,personal banking,mortgage banking, andwealth managementservices to individuals and institutions throughout the region. OurCommercial Banking Groupoffers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast.Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary ofWashington Trust Bancorp, Inc.(NASDAQ Global Select, symbol: WASH).
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Washington Trust
Elizabeth B. Eckel, 401-348-1309
SVP Marketing
ebeckel@washtrust.com
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