Washington Trust Finances Historic Office Building and Nearby Parking Lots in Financial District of Providence
WESTERLY, R.I.--(BUSINESS WIRE)-- Washington Trusts Commercial Real Estate Group recently provided commercial mortgage financing to One Financial Center Plaza, LLC, a 12 story office building which is located at 10 Weybosset Street in the center of Providence, RIs financial district. The property is comprised of a 128,000 square foot multi-tenanted office building and includes public lots with 170 parking spaces and an executive lot with 30 spaces. This distinctive and historic property is well located in downtown Providence along Memorial Boulevard and the Providence River situated at the mouth of Narragansett Bay.
One Financial Plaza (third from left, in back) has been a part of the Providence skyline since 1896. The building was recently financed by Washington Trust (WASH). (Photo: Business Wire)
Built in 1896, the building is the City of Providences first fireproof steel-framed skyscraper. The building was originally used as a multi-tenanted office and retail building until purchased by Amica Insurance Company in the 1950s. One Financial Center Plaza, LLC purchased the property from Amica in the 1990s and under the leadership of Aram G. Garabedian, President, reconverted the property to multi-tenant office use.
This is an exceptional property not only is it well positioned in Providences Financial District, but it is has good quality interior finishes and has the ability to offer parking onsite or in nearby owned lots, 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, 401-654-4847 or 1-800-475-2265 ext. 8247.
Founded in 1800, Washington Trust is the largest independent bank headquartered in Rhode Island and the oldest community Bank in the nation. Washington Trust provides commercial banking, small business banking, personal banking, mortgage banking, and wealth management and trust services to individuals and institutions throughout the Northeast. 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. Washington Trust is an SBA preferred lender. 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 2013