Washington Trust Provides $4.8 Million Financing For Historic Providence Building

WESTERLY, R.I.--(BUSINESS WIRE)--Washington Trust’s Commercial Real Estate Group recently provided $4,800,000 in commercial mortgage financing to Emanon Associates, L.P. to refinance and provide capital and tenant improvement funds for The Gardner Building located at 40 Fountain Street in Providence, R.I.

“It historically has had a strong and mixed tenant base, including private, non profit and public sector tenants, which bodes well for the success of the project.”

Built in 1916, the eight-story, 75,000 square foot office property, with its distinctive ninth story tower, has been owned by Emanon Associates, LP for more than 20 years. The stone and brick sheathed building originally housed the R. L. Greene Paper Company and was named for its President Nathan L. Gardner. From 1925 - 1935 the Gardner Building was owned by Bryant and Stratton Business College (the precursor of Bryant University) which renovated and modernized the structure, arranging classrooms in the style of mock businesses.

“The Gardner Building is located in an area of Providence, R.I. that’s currently being revitalized, which is a nice story for our capital city,” said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer. “It historically has had a strong and mixed tenant base, including private, non profit and public sector tenants, which bodes well for the success of the project.”

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 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).