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Sep. 24, 2012

Washington Trust Provides $4.8M Financing for Historic Property

By Adriana Pop, Associate Editor

The Washington Trust’s commercial real estate group recently provided $4.8 million in commercial mortgage financing to Emanon Associations L.P. The funds will be used to refinance, capitalize and improve The Gardner Building in Providence.

Located at 40 Fountain St., the eight-story, 75,000-square-foot office property has been owned by Emanon Associations for more than 20 years.

“The Gardner Building is located in an area of Providence, R.I., that’s currently being revitalized, which is a nice story for our capital city,” said Joseph MarcAurele, Washington Trust’s chairman, president & CEO. “It historically has had a strong and mixed tenant base, including private, nonprofit and public sector tenants, which bodes well for the success of the project.”

Former home to the state’s Treasury offices, the building dates back to 1916. It originally housed the R.L. Greene Paper Co. and was named after its president, Nathan Gardner.

In other news, the Rumford Center in East Providence has received the 2012 Project of the Year Award from the Northeastern Economic Developers Association.

The mill complex was built in 1856 for Rumford Chemical Works Co. It produced baking powder and shipped it across the nation and around the world until the company closed in1968. In 2006, the remaining nine factory buildings were purchased by developers Peregrine Group and Kirkbrae Properties, which planned to convert the 8.5 acre historic property into residential, office and retail space.

Requiring an investment of $40 million, the 200,000-square-foot Rumford Center now features 112 apartment units, 60,000 square feet of office space, a restaurant and numerous retail tenants. It employs 120 people.

“The Rumford Center project has had an indelible positive impact on the community and has already become an important focal point for historic preservation and urban/suburban revitalization in East Providence,” said James Moran, principal & economic planner for the city of East Providence, in a statement.

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