WESTERLY, R.I., Feb. 24, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $12.32 million to LAZ Boston Commuter Lots, LLC, for the financing of three surface parking lots located in Boston, MA. Among the three lots, one is located in Boston's Jamaica Plain neighborhood, one in Boston's North End and the other in Medford, MA.
The three lots collectively consist of 559 parking spaces, including a 310-space lot located at 3694 Washington Street in Forest Hills, the Jamaica Plain neighborhood of Boston, a 200-space lot located at 97 Revere Beach Parkway in the Wellington Circle area of Medford, MA and a 49-space lot located at 588 Commercial Street in Boston's historic North End. Both the Jamaica Plain and Medford lots are adjacent to MBTA train stations offering transit directly into downtown Boston. The Commercial Street lot is located in a busy section of Boston's North End, serving local businesses, restaurants and events at the nearby TD Garden sports and entertainment arena.
"All three lots will benefit from their proximity to downtown and the strong development potential for commercial and residential growth in their respective areas in and around Boston," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.
LAZ Parking Realty Investors, LLC, the investment management affiliate of LAZ Parking, is the managing member of LAZ Boston Commuter Lots, LLC. LAZ Parking, which manages 795,000 parking spaces at 1,900 locations in 27 states, is responsible for managing the day-to-day operations for Boston Commuter Lots, LLC.
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Laurel L. Bowerman, Vice President, Commercial Real Estate Group, at 401-654-4847 or 800-475-2265 ext. 8247.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, small business banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq:WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.
ABOUT LAZ PARKING
LAZ Parking, founded in Hartford, CT in 1981, is one of the largest and fastest growing parking operators in the United States. Parking management services cover a variety of segments including office buildings, hospitality, government, campus, residential, retail, events and airports. Through an affiliate entity, LAZ Parking Realty Investors ("LPRI"), LAZ has led the industry in the acquisition of parking assets on behalf of itself and its investment partners over the past 5 years. These acquisitions span all classes of parking assets, including: parking garages, surface parking lots, airport parking facilities, and municipal concessions (meters and parking facilities) totaling more than $2 billion. Additional information can be found at www.lazparking.com.