By PBN Staff
WESTERLY – The Washington Trust Co.’s Commercial Real Estate Group provided $4.8 million in commercial mortgage financing to Emanon Associations LP for Providence’s Gardner Building.
The funds are intended to refinance and provide capital and tenant improvement funds for the historic building located at 40 Fountain St.
“The Gardner Building is located in an area of Providence that’s currently being revitalized, which is a nice story for our capital city,” Joseph J. MarcAurele, Washington Trust chairman, president and CEO, said in prepared remarks.
“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,” added MarcAurele.
The eight-story, 75,000 square foot office property was built in 1916 and has been owned by Emanon Associates for more than 20 years.
The property, former home to most of the state’s Treasury offices before their move to Warwick at the end of 2011, originally housed the R.L. Greene Paper Company.
From 1925 to 1935, the Gardner building was owned by Bryant University precursor Bryant and Stratton Business College, which renovated the structure and arranged classrooms in the style of mock businesses.