Washington Trust Finances Providence's Pearl Street Lofts for $8.5 Million.

WESTERLY, R.I. -- The Washington Trust Company's Commercial Real Estate Group, in partnership with Fannie Mae, has provided The Armory Revival Company with $8.5 million in construction and permanent financing for Pearl Street Lofts, a residential and commercial restoration project in Providence's West End neighborhood.

"This project is a great example of how the reuse of historic mills can help ease the affordable housing crunch and bring new vitality to a neighborhood," said John C. Warren, Chairman and CEO of The Washington Trust Company. "We are pleased to help The Armory Revival Company make this much-needed housing development become a reality."

The Pearl Street Lofts project is a renovation of two historic mill buildings located in the Westminster Crossing section of Providence's West Side. Built in 1848, the mills once housed the New England Butt Company, a firm that originally manufactured cast-iron butt hinges and later made braided equipment. Most recently, the building housed the former Harold's Furniture store.

When completed, the complex will include 19 moderately-priced loft-style residential condominiums - six are priced between $159,000 and $189,000 and five range from $229,000 to $279,000. The complex also includes 38 moderately-priced rental apartments, up to four commercial condominiums and warehouse space. Providence's Trinity Repertory Company will use a portion of the warehouse space for designing and constructing stage sets.

The City of Providence's HOME Investment Partnership Program is also participating in the project. Their assistance with funds from public and private sources, will allow households of moderate means to purchase four of the lofts at a level well below market rates.

"Pearl Street Lofts continues our company's leadership and innovation in the preservation and reuse of historic properties," said Robert E. Dupre, Jr., a partner in The Armory Revival Company. "We are creating truly unique residences and responding to the need for moderately priced housing in the City of Providence."

The Armory Revival Company has renovated historic properties in the City of Providence for more than 18 years. The Company has won numerous awards for the quality and imagination of its work and for its contributions to rebuilding communities. To date, the Company has completed 410 residences, 60,000 square feet of commercial space, and is currently co-developing the largest single, mixed-use development in Providence, Rising Sun Mills.

Washington Trust's Commercial Real Estate Group offers construction, intermediate term, and long-term takeout financing for investment property in the New England region. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects.

The Washington Trust Company is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including trust and investment management, through its 16 branch offices located in Rhode Island and southeastern Connecticut. Founded in 1800, the Bank is a subsidiary of Washington Trust Bancorp, Inc., whose common stock trades on The NASDAQ Stock Market(R) under the symbol WASH. Web site address: www.washtrust.com.