Providence *DO NOT USE*

Washington Trust Provides $4.8M Financing for Historic Property

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.

URI Debuts $75M Research Center at College of Pharmacy

The University of Rhode Island has formally unveiled a $75 million research center for its College of Pharmacy that will enable expansion of its graduate and undergraduate programs. At five stories and 144,000 square feet, the facility can accommodate 820 students and is the largest academic building on the South Kingstown campus. Financing was provided primarily by $65 million in general obligation bonds approved by voters in 2006. Private donations and university funds made up the remaining $10 million.

Bronhard Buys East Side M-F Portfolio; Arcade to Reopen

Walter L. Bronhard Real Estate has purchased seven multi-family buildings located on the East Side of Providence for approximately $5.9 million. According to the Providence Journal, the sellers are the Plushner Family Limited Partnership and 63 Realty Corp. The Providence Business News reports that the acquisition includes the four-story, mixed-use George Earle Building on Benefit St. (pictured above); the Golden Ball Inn apartment building at 19 South Court, which dates from about 1785; the 1867 John Steere House at 122 Benefit St.; a three-story apartment building at 208 Benefit St.; an eight-unit building at 26 Pitman St.; the 1839 Charles Shaw House at 134 Benefit St.; and the nine-unit building 189 Williams St.

Bristol Harbor Flood Control Project Breaks Ground

Federal and local officials have broken ground on a critical $4 million flood-control project in the southern end of Bristol Harbor. The Tanyard Brook project will replace the existing pipe and stone-lined channel from Garfield Street to the outfall at Walker’s Cove with a new concrete box culvert. The project is financed through $2.9 million of federal money from the U.S. Economic Development Administration and a $1.1 million community development block grant. Northern Construction Service of Weymouth, Mass. will perform the construction work, with BETA Engineering overseeing the project. Construction is estimated to take 15 months.