Providence, RI Washington Trust’s commercial real estate group 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.
The building is located at 32 Custom House St., within the historic Custom House District. Built in 1875, the 16,531 s/f building is typical of the high Victorian Gothic style of its time, and will be converted into 10 residential apartments with a 2,000 s/f retail space on the ground floor. With the building’s original façade, grand glass storefront, rope molding and bronze casements, 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 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.