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Washington Trust Provides Commercial Financing for 70-Space Parking Lot in Providence, RI

WESTERLY, R.I., Oct. 05, 2015 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided commercial financing to 271-289 Weybosset Parking, LLC for a 70-space parking lot located on Weybosset Street in Providence, RI.

Located in the heart of downtown Providence, within walking distance of area attractions including the Providence Performing Arts Center and Johnson & Wales University, the 24,830 square-foot lot is centered in one of the largest contiguous parking areas in the city. The lot is presently leased to Down City Parking, LLC, a privately owned, full-service parking operator that has been doing business in the city for more than 35 years. Joseph R. Paolino, Jr., who serves as managing director of Paolino Properties, owns the property.

“Parking is a product in high demand in Providence and this well placed lot fills that need,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We certainly appreciate the opportunity to expand our work with Mr. Paolino by financing this asset.”

Paolino Properties is a real estate development company specializing in the development and management of both commercial and residential properties. Started in 1900, it is one of the oldest family-owned and operated real estate companies in Rhode Island.

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 and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage 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.

MEDIA CONTACT: Tony Nunes Public Relations 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company