Washington Trust Finances $19.05 Million Historic Complex in Providence
Foundry Associates Continues to Rebuild Promenade District
WESTERLY, R.I. -- October 29, 2013
Washington Trust’s Commercial Real Estate Group recently provided financing to
Foundry ALCO Members, LLC, for its $19.05 million acquisition of the
five-building American Locomotive (ALCO) Complex at 68 Hemlock and 51 Valley
Streets in Providence, RI. The brick ALCO buildings, originally constructed as
a locomotive factory in 1901, are located on 11.8 acres in the Promenade
District of downtown, Providence. The 200,000 square foot commercial property
was redeveloped into an office complex in 2006-2009 and is now 70 percent
leased with a mix of tenants, including law firms, an engineering company, and
the Rhode Island Economic Development Corporation. The largest tenant in the
complex is United Natural Foods, Inc., the largest wholesale natural food
distributor in the United States. Washington Trust led the financing which
included funding from Rockland Trust.
Foundry ALCO Members, LLC is owned by Foundry Associates, LP, a Rhode
Island-based group that has redeveloped other area sites, including the one
million square foot former historic Brown & Sharpe Manufacturing Company.
“The ALCO Building is in good hands with Foundry Associates, as they have done
a great job revitalizing the Promenade District,” said Joseph J. MarcAurele,
Washington Trust Chairman, President and Chief Executive Officer.
Washington Trust's Commercial Real Estate Group provides 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,
contact Laurel Bowerman, Vice President, Commercial Real Estate Group,
401-654-48-47 or 1-800-475-2265 ext. 8247.
Founded in 1800, Washington Trust is one of New England’s premier financial
services companies, providing commercial banking, personal banking, mortgage
banking, and wealth management services to individuals and institutions
throughout the region. Our Commercial Banking Group offers 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 of
Washington Trust Bancorp, Inc.,(NASDAQ Global Select, symbol: WASH).
Elizabeth B. Eckel, 401-348-1309
Senior Vice President, Marketing
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