Foundry Associates Continues Rebuilding Promenade District

GoLocalProv Business Team

Foundry Associates Continues Rebuilding Promenade District

The Commercial Real Estate Group at Washington Trust recently provided financing to Foundry ALCO Members, LLC, for its $19.05 million acquisition of the five-building American Locomotive (ALCO) Complex at Hemlock and Valley Streets in Providence, RI. The brick buildings, originally constructed as a locomotive factory in 1901, are located on nearly twelve acres in the Promenade District Providence. Between 2006 and 2009, the 200,000 square foot commercial property was redeveloped into an office complex 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 complex's largest tenant 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.

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

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

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