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Washington Trust Provides $2.1 Million in Financing for Residential/Retail Conversion of Historic Building in Providence, RI

WESTERLY, R.I., Feb. 24, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s (Nasdaq:WASH) Commercial Real Estate Group recently provided $2.1 million to HM Ventures Group 7, LLC, to finance the construction and residential/retail conversion of a historic, five-story building in the Downcity section of Providence, RI.

The building is located at 32 Custom House Street, within the historic Custom House District - the epicenter of Rhode Island’s maritime industry in the late eighteenth and early nineteenth centuries. Built in 1875, the 16,531 square-foot building is typical of the high Victorian Gothic style of its time, and will be converted into ten residential apartments with a 2,000 square-foot retail space on the ground floor. With the building’s original façade, grand glass storefront, rope molding and bronze casements in pristine condition, designers envision the ground-floor being anchored by a street-facing restaurant with a separate lobby servicing the apartments above.

“This property will help add to the influx of new residents to the downtown area, continuing Providence’s transformation to a 24/7 city instead of one that rolls up its sidewalks at 5 PM,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The adaptive re-use of this incredibly historic building is exciting to be a part of and will provide beautiful apartments in the heart of this transformed area.”

HM Ventures Group 7, LLC, is a New York investment entity affiliated with ASH NYC, a New York based real estate development, investment and design firm. ASH NYC recently completed the historically sensitive repositioning and gut renovation of the boutique Dean Hotel in Downtown Providence.

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, 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 OMX®: 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