Foundry Associates Continues to Rebuild Promenade District

PROVIDENCE, RI – Washington Trust’s Commercial Real Estate Group recently provided financing to Foundry ALCO Members, LLC, for its $19.05 million acquisition of the five-building American Locomotive (ALCO) Complex at 68 Hemlock and 51 Valley Streets in Providence, RI.  The brick ALCO buildings, originally constructed as a locomotive factory in 1901, are located on 11.8 acres in the Promenade District of downtown, Providence. The 200,000 square foot commercial property was redeveloped into an office complex in 2006-2009 and is now 70 percent leased with a mix of tenants, including law firms, an engineering company, and the Rhode Island Economic Development Corporation. The largest tenant in the complex is United Natural Foods, Inc., the largest wholesale natural food distributor in the United States.  Washington Trust led the financing which included funding from Rockland Trust.

Foundry ALCO Members, LLC is owned by Foundry Associates, LP, a Rhode Island-based group that has redeveloped other area sites, including the one million square foot former historic Brown & Sharpe Manufacturing Company. 

“The ALCO Building is in good hands with Foundry Associates, as they have done a great job revitalizing the Promenade District,” said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer

Washington Trust’s Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Laurel Bowerman, Vice President, Commercial Real Estate Group, 401-654-48-47 or 1-800-475-2265 ext. 8247.

Founded in 1800, Washington Trust is one of New England’s premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast.  Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ Global Select, symbol: WASH).


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