Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group recently provided financing to the Foundry Associates, located in the Foundry Complex on 26 acres along the Woonasquatucket River and overlooking Interstate 95 in Providence, Rhode Island. The Foundry Complex is listed on the National Register of Historic Places as the former site of Brown and Sharpe, one of the Industrial Revolution’s most successful manufacturing companies.
Washington Trust financed the Foundry’s three office buildings: the Engineering Building, the Pattern Building and the Shipping Building, which collectively contain 137,426 square feet of net rentable space. These buildings are 95% occupied with prominent national and regional tenants such as Northwest Mutual Life, Pitney Bowes, AT&T, Robert Half and Associates, Women and Infants Hospital, and Sullivan and Company. Tenants have access to a 9,000 square-foot fitness center, two full-service delicatessens, as well as Providence Place Mall, Downcity Providence, Amtrak and MBTA transportation. The Foundry Complex has been successfully owned and managed by the Guerra family since 1984.
"As the nation’s oldest community bank, we appreciate the historic significance of this site and are pleased to finance a piece of the past with an eye to the future," said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer.
Laurel L. Bowerman, Washington Trust Vice President, served as lead lender for the project as part of Washington Trust's Commercial Real Estate Group, which 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 Julia Anne M. Slom, Senior Vice President, Commercial Real Estate Group, toll-free at 800-475-2265 x1430 or directly at 401-348-1430.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.9 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Southeastern Connecticut and Massachusetts. The Corporation's common stock trades on The NASDAQ Global Select® Stock Market under the symbol WASH. Web site address: www.washtrust.com.