Washington Trust’s 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 family’s 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. 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/