ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
WESTERLY, R.I., Feb. 24, 2016 -- Washington Trust’s (Nasdaq:WASH) Commercial Real Estate Group recently provided $2.1 million to HM Ventures Group 7, LLC, to finance the construction and residential/retail conversion of a historic, five-story building in the Downcity section of Providence, RI.
The building is located at 32 Custom House Street, within the historic Custom House District - the epicenter of Rhode Island’s maritime industry in the late eighteenth and early nineteenth centuries. Built in 1875, the 16,531 square-foot building is typical of the high Victorian Gothic style of its time, and will be converted into ten residential apartments with a 2,000 square-foot retail space on the ground floor. With the building’s original façade, grand glass storefront, rope molding and bronze casements in pristine condition, designers envision the ground-floor being anchored by a street-facing restaurant with a separate lobby servicing the apartments above.
“This property will help add to the influx of new residents to the downtown area, continuing Providence’s transformation to a 24/7 city instead of one that rolls up its sidewalks at 5 PM,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The adaptive re-use of this incredibly historic building is exciting to be a part of and will provide beautiful apartments in the heart of this transformed area.”
HM Ventures Group 7, LLC, is a New York investment entity affiliated with ASH NYC, a New York based real estate development, investment and design firm. ASH NYC recently completed the historically sensitive repositioning and gut renovation of the boutique Dean Hotel in Downtown Providence.
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 L. Bowerman, vice president, Commercial Real Estate Group, at 401-654-4847 or 800-475-2265 ext. 8247.
ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.
MEDIA CONTACT: Tony Nunes Public Relations 401.348.1657 [email protected]
