Washington Trust Provides $23.6 Million in Financing for Mixed-Use Redevelopment of Pontiac Mill in Warwick, RI
November 30, 2017
November 30, 2017
Warwick, RI – Washington Trust’s Commercial Real Estate Group recently provided $23.626 million in financing to Union Mill, LLC, for the mixed-use redevelopment of Pontiac Mill in Warwick, Rhode Island.
Originally constructed in 1863, Pontiac Mill is a 368,472 square-foot former textile mill comprised of 24 buildings across a 15 acre site. The redevelopment of the property will convert the buildings into 130 loft-style residential units and 46,009 square-foot of commercial space. The apartments will include 11 studio, 109 one-bedroom and 10 two-bedroom units. Each will be large, loft-style units with high-quality finishes featuring exposed brick walls and beams, high ceilings, large insulated windows, stainless steel kitchen appliances, granite countertops and tiled bathrooms. Common areas across the property will include a state of the art fitness center, dog run, garden areas, common sun deck overlooking the Pawtuxet River, kayak launch and clubhouse with a movie area and full bar for events.
“Union Mill, LLC has brought the long anticipated redevelopment of Pontiac Mill to fruition, and Washington Trust is pleased to be a part of this exciting project,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The adaptive reuse of one of Rhode Island’s historic mills is wonderful for the community and the state.”
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 & Market Leader, Commercial Real Estate Group, at 401-348-8247 or 1-800-475-2265 ext. 8247.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.