WESTERLY, R.I., June 3, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided financing to Park Row Properties, Ltd. for the refinancing and renovations of a two-story, below-surface, 370-space parking garage at 65 Park Row West in Providence, RI. The 1.75-acre site is located adjacent to the Amtrak/MBTA Providence Train Station, one of the busiest stations in the northeast, attracting more than a million Amtrak and MBTA passengers each year.
Constructed in 1986, the garage is presently operated by Metropark LTD, the largest independent parking operator in Downtown Providence, who has operated the facility for more than 20 years. Metropark LTD founder Charles Myers has been in the parking business for more than 50 years. In addition to owning multiple parking locations, the company also provides consultation services and special event parking throughout the Providence market.
"The renovations of this important parking garage in conjunction with the work to be done on the train station will make this area a true gateway to our wonderful capitol city," said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust's Commercial Real Estate Group.
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 the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, small business banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq:WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.
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Source:The Washington Trust Company