Washington Trust provides $4.3M for Alice Building

WESTERLY – Washington Trust’s Commercial Real Estate Group has provided $4.3 million to Alice Building LLC to refinance the historic Alice Building in downtown Providence.
“As Providence continues to thrive both commercially and culturally, the popularity of downtown lofts like the Alice Building are uniquely positioned to benefit from – and add to – the city’s vibrancy,” said Washington Trust Chairman and CEO Joseph J. MarcAurele in an Aug. 26 announcement of the financing.
The Alice Building was constructed in 1898 as the first vertical retail center in the U.S. It was one of the first buildings to be renovated by using both Rhode Island and federal historic tax credits.
The seven-story Alice Building has 38 units and 5,800 square feet of street level retail space at 236-250 Westminster Street. Cornish Associates is the redeveloper and manager of the building, which has 38 residential lofts ranging from about 742- to- 2,000 square feet.
Alice Building LLC is a single-asset holding company located in Providence.
The building is part of Cornish Associates’ plan to create an active mix of residential, office, cultural, retail and institutional centers with quality public spaces in Providence.