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Washington Trust Provides $4.275 Million in Financing to the Historic Alice Building in Downtown Providence, RI

WESTERLY, R.I., Aug. 26, 2014 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $4.275 million to Alice Building, LLC to refinance the historic Alice Building in Downtown Providence. The seven-story Alice Building, redeveloped and managed by Buff Chace's Cornish Associates, is made up of 38 units and 5,800 square feet of street level retail space located at 236-250 Westminster Street. The building is part of Cornish's larger mission to promote Downtown Providence as a 24/7 city boasting an active mix of residential, office, cultural, retail and institutional hubs centered around quality public spaces.

The Alice Building was constructed in 1898 as the first vertical retail center in the United States. The building was also one of the first buildings to be renovated using both Rhode Island and federal historic tax credits. Each of the building's 38 residential lofts were renovated by Cornish Associates to provide open, flexible floor plans with high ceilings and the maximum amount of natural light. No two of the building's 742 to 2,023 square-foot lofts are alike.

"As Providence continues to thrive both commercially and culturally, the popularity of downtown lofts like the Alice Building are uniquely positioned to benefit from and add to the city's vibrancy," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.

Alice building, LLC is a single asset holding company located in Providence, RI.

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 L. Bowerman, Vice President, Commercial Real Estate Group, at 401-654-4847 or 800-475-2265 ext. 8247.

ABOUT WASHINGTON TRUST

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:WASH).

CONTACT: Anthony Nunes Marketing Department 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company