Washington Trust’s Commercial
Real Estate Group recently provided financing
to Foundry ALCO Members, LLC, for its $19.05 million acquisition of the
five-building American Locomotive (ALCO) Complex at 68 Hemlock and 51
Valley Streets in Providence, RI. The brick ALCO buildings, originally
constructed as a locomotive factory in 1901, are located on 11.8 acres
in the Promenade District of downtown, Providence. The 200,000 square
foot commercial property was redeveloped into an office complex in
2006-2009 and is now 70 percent leased with a mix of tenants, including
law firms, an engineering company, and the Rhode Island Economic
Development Corporation. The largest tenant in the complex is United
Natural Foods, Inc., the largest wholesale natural food distributor in
the United States. Washington Trust led the financing which included
funding from Rockland Trust.
Foundry ALCO Members, LLC is owned by Foundry Associates, LP, a Rhode
Island-based group that has redeveloped other area sites, including the
one million square foot former historic Brown & Sharpe Manufacturing
Company.
“The ALCO Building is in good hands with Foundry Associates, as they
have done a great job revitalizing the Promenade District,” 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,
401-654-48-47 or 1-800-475-2265 ext. 8247.
Founded in 1800, Washington Trust is one of New England’s premier
financial services companies, providing commercial banking, personal
banking, mortgage banking, and wealth management services to individuals
and institutions throughout the region. 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. 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).
Copyright Business Wire 2013