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Mar. 11, 2013

Washington Trust Finances Historic Downtown Office Building, Parking Facilities

by Adriana Pop, Associate Editor

Washington Trust’s commercial real estate group has provided mortgage financing for One Financial Center Plaza, an historic 128,000-square-foot office building at 10 Weybosset Street in Downtown Providence.

Completed in 1896, One Financial Center Plaza was the city’s first fireproof steel-framed high-rise building. It was a multi-tenant office and retail property until its acquisition by Amica Insurance Co. in the 1950s.

The property returned to multi-tenant status when it was acquired by its current owner, One Financial Center Plaza L.L.C., in the 1990s.

“This is an exceptional property— not only is it well positioned in Providence’s Financial District, but it is has good quality interior finishes and has the ability to offer parking onsite or in nearby owned lots,” said Joseph J. MarcAurele, chairman and CEO of Washington Trust.

In another recent Downtown Providence transaction, Washington Trust’s commercial real estate group provided a $6.2 million loan to Union Station Parking L.L.C., an entity controlled by the Marsella family, on a 160-space parking lot adjacent to Union Station Garage. Both facilities are owned by the Marsella family. The financing will assist the Marsella family in acquiring sole ownership of parking operations at Union Station Plaza.

The 1.17-acre surface lot is owned by Ron Marsella, who has completed several redevelopment projects in Downtown Providence, most notably the Capital Center.

Photo credits: Loodog via Wikimedia Commons

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