WARWICK – The Washington Trust Co. recently provided $23.6 million to finance the mixed-use redevelopment of Pontiac Mills in Warwick.
The Westerly-based bank made the loan with Union Mill LLC, the project developer.
Pontiac Mills, originally built in 1863, is a 368,472-square-foot former textile facility comprising 24 buildings on 15 acres.
Union Mill is converting the buildings into 130 loft-style residential units and 46,009 square feet of commercial space.
“Union Mill LLC has brought the long-anticipated redevelopment of Pontiac Mill to fruition, and Washington Trust is pleased to be part of this exciting project,” said Julia Anne M. Slom, senior vice president and team leader of Washington Trust’s commercial real estate group.
The mixed-use development will include a fitness center, dog run, garden areas and sun deck overlooking the Pawtuxet River, among other amenities.
“The adaptive reuse of one of Rhode Island’s historic mills is wonderful for the community and state,” Slom said.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
