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Jan. 11, 2014

Washington Trust Provides Financing for Providence Parking, Smithfield Retail Assets

by Adriana Pop, Associate Editor

Washington Trust’s commercial real estate group has provided $6.5 million in financing to Civic Center Parking Associates L.L.C. for a 438-space parking garage and two surface parking lots, in Providence.

Known as Civic Center Parking, the five-story facility is located at 165-191 Washington St., near Trinity Repertory Company, the Dunkin Donuts Center and directly across from Hasbro’s new office building. The surface parking lots are located at 143 Washington St. and 132 Fountain St., respectively.

“Civic Center Parking provides convenient parking for people who work in the City of Providence, or patronize the restaurants, shops and entertainment facilities in the Downcity Arts District,” Washington Trust chairman & CEO Joseph MarcAurele said in a statement.

In related news, Washington Trust also provided $7.2 million in financing to Linear Retail Smithfield L.L.C. for the renovation of Smithfield Commons, a 35,130-square-foot shopping center at 400 Putnam Pike in Smithfield (pictured).

Located less than a mile from Interstate 295 off Route 44, the property features a mix of  national and regional retailers, including Starbucks, Sienna Restaurant, Papa Gino’s, Concentra, Verizon, Sprint, H&R Block, UPS, and Sovereign Bank.

Photo credits: www.loopnet.com

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