Washington Trust provides financing for parking lot

Providence, RI Washington Trust’s commercial real estate group recently provided commercial financing to 271-289 Weybosset Parking, LLC for a 70-space parking lot located on Weybosset St.

Located in downtown, within walking distance of area attractions including the Providence Performing Arts Center and Johnson & Wales University, the 24,830 s/f lot is centered in one of the largest contiguous parking areas in the city. The lot is presently leased to Down City Parking, LLC, a privately owned, full-service parking operator that has been doing business in the city for more than 35 years. Joseph Paolino, Jr., who serves as managing director of Paolino Properties, owns the property.

“Parking is a product in high demand in Providence and this well placed lot fills that need,” said Julia Anne Slom, senior vice president & team leader of WashingtonTrust’s commercial real estate group. “We certainly appreciate the opportunity to expand our work with Mr. Paolino by financing this asset.”

Paolino Properties is a real estate development company specializing in the development and management of both commercial and residential properties.