{"id":1004068504,"date":"2013-03-11T09:34:36","date_gmt":"2013-03-11T17:34:36","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=108036"},"modified":"2025-02-19T02:56:58","modified_gmt":"2025-02-19T10:56:58","slug":"washington-trust-finances-historic-downtown-office-building-parking-facilities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/washington-trust-finances-historic-downtown-office-building-parking-facilities\/","title":{"rendered":"Washington Trust Finances Historic Downtown Office Building, Parking Facilities"},"content":{"rendered":"

\"\"<\/a><\/p>\n

by Adriana Pop, Associate Editor<\/p>\n

Washington Trust\u2019s 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.<\/p>\n

Completed in 1896, One Financial Center Plaza was the city\u2019s 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.<\/p>\n

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.<\/p>\n

\u201cThis is an exceptional property\u2014 not only is it well positioned in Providence\u2019s Financial District, but it is has good quality interior finishes and has the ability to offer parking onsite or in nearby owned lots,\u201d said Joseph J. MarcAurele, chairman and CEO of Washington Trust.<\/p>\n

In another recent Downtown Providence transaction, Washington Trust\u2019s 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.<\/p>\n

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.<\/p>\n

Photo credits: Loodog<\/a> via Wikimedia Commons <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Washington Trust’s Commercial Real Estate Group has recently provided commercial mortgage financing to One Financial Center Plaza, LLC, a 12 story office building located at 10 Weybosset Street in downtown Providence.
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