Washington Trust Provides $6.2 Million in Financing for Downtown Providence, RI

Parking Lot Located in Busy Capital Center District

WESTERLY, R.I.–(BUSINESS WIRE)– 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 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 …read more
Source: FULL ARTICLE at DailyFinance