Washington Trust Finances $7.5 Million Quonset Dredging Project
Project Will Expand Shipping Capabilities at the Port of Davisville
WESTERLY, R.I.--(BUSINESS WIRE)-- Washington Trusts Commercial & Industrial Lending Group has provided $7.5 million in both short- term and permanent financing to Quonset Development Corporation of North Kingstown, RI for a dredging project to increase the channel depth and expand shipping capabilities at the Port of Davisville in Quonset Business Park. Approximately 260,000 cubic yards of sediment will be removed at the Port to re-establish a depth of minus 32' below mean low water in and around the berthing facilities. By increasing the channel depth from 29 to 32, ships will be able to carry more vehicles and cargo to the Port. This is the first dredging effort of the Davisville channel since its original construction in the 1940s.
Photo From Left to Right: Rep. Larry Ehrhardt (North Kingstown), Steven King (Managing Director, Quonset Development Corporation), Speaker Gordon D. Fox, Governor Lincoln D. Chafee, Sen. Dawson Hodgson (North Kingstown), James Hagerty (Executive Vice President and Chief Credit Officer, Washington Trust) Joseph J. MarcAurele (Chairman, President & CEO, Washington Trust (WASH)). (Photo: Business Wire)
The Port of Davisville, owned and operated by the Quonset Development Corporation, is the 7th largest auto port in North America. It is Rhode Islands only public port and provides a gateway to markets throughout Southern New England, as it is strategically located near the mouth of Narragansett Bay.
Washington Trust is pleased to work with the Quonset Development Corporation to finance the dredging project at the Port of Davisville, as this will help the Port of Davisville to build on its success as an economic development engine for our State, stated Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer. As Rhode Island largest independent bank, Washington Trust proudly supports those businesses, organizations, and activities that make the Ocean State a better place to live and work and this is another great example of our efforts here in Rhode Island.
With the completion of this dredging, as well as $22.3 million in federal TIGER grant improvements at the Port, we anticipate that the port will continue to grow in the coming years, said Steven King, Managing Director of Quonset Development Corp, This is one of the most important projects we have embarked upon in the past several years, and we are extremely grateful for the support of our state leaders, Washington Trust, and so many others to make it happen.
The Rhode Island Economic Development Corporation (RIEDC) board and Gov. Lincoln Chafee approved the dredging project earlier this year. In addition, through grants secured by U.S. Senators Jack Reed and Sheldon Whitehouse and U.S. Representative James Langevin, the Port of Davisville has invested $22.3 Million in terminal infrastructure improvements. This includes the purchase of a 150 metric ton mobile harbor crane. These improvements are designed to provide better service and cost savings to regional shippers and major ocean carrier services. In addition, with completion of terminal improvements, the port will be capable to handle significantly more automobiles per year compared to 156,000 automobiles imported in 2011 as well as expand importing capabilities beyond roll off cargo.
The Quonset Development Corporation (QDC) is a real estate development and management company that provides, promotes and encourages the preservation, expansion and sound development of new and existing industry, business and commerce to support employment opportunities in the State of Rhode Island. QDC, a special purpose subsidiary of the RIEDC, manages the Quonset Business Park, which is home to 168 companies and their 8,800 employees; 2,700 jobs have been created at the Park since 2005.
Washington Trust's Commercial & Industrial Lending Group offers working capital, acquisition, and equipment financing as well as owner occupied real estate financing. The Group also offers a full-range of cash management products and services. For more information, contact Joseph Confessore , Vice President, Commercial Lending, toll-free at 1-800-475-2265 ext.1439 or directly at 401-348-1439.
Founded in 1800, Washington Trust is one of New Englands 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).
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Elizabeth B. Eckel, 401-348-1309
Source: Washington TrustCopyright Business Wire 2012