The Foundry Complex Dates Back to the Industrial Revolution
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.
The Foundry Complex Providence, Rhode Island (Photo: Business Wire)
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.
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), which was recently listed as one of the top 25 small-cap institutions in the United States by Sandler O'Neill + Partners "2011 Bank and Thrift Sm-All-Stars" report.
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Contacts:
Washington Trust
Elizabeth B. Eckel, 401-348-1309
SVP Marketing
ebeckel@washtrust.com