Washington Trust Provides $6.2 Million in Financing for Downtown Providence, RI
Parking Lot Located in Busy Capital Center District
WESTERLY, R.I.--(BUSINESS WIRE)-- Washington Trusts Commercial Real Estate Group is pleased to announce it recently provided $6.2 million in financing to Union Station Parking LLC to assist the Marsella family in acquiring sole ownership of all parking operations at Union Station Plaza located within the Capital Center district of downtown Providence. The loan provided funds for the refinancing of a 160-space parking lot located at 150 Memorial Boulevard which is the major thoroughfare into downtown Providence. The 1.17 acre lot, adjacent to the Marsella familys Union Station Garage, is nearby a number of restaurants in downtown Providence, including the Capital Grille, RiRa Irish Pub, Bar Louis, and Luxe Burger.
Union Station Parking, located in downtown Providence, was recently re-financed by Washington Trust (WASH). The property is close to a number of restaurants, including Bar Louis and Luxe Burger. (Photo: Business Wire)
Union Station Parking is in a vibrant location in downtown Providence, said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer. It offers convenient parking for office workers and anyone coming into Providence to enjoy a night out.
The property is owned by Ron Marsella, a Rhode Island based commercial real estate developer who has more than 30 years experience developing projects. In the 1970s and 1980s Marsella implemented several urban renewal projects in downtown Providence, most notably, Capital Center.
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).
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130306006445/en/
Elizabeth B. Eckel, 401-348-1309
Source: Washington TrustCopyright Business Wire 2013