WESTERLY, R.I., July 14, 2014 (GLOBE NEWSWIRE) -- Washington Trust's (Nasdaq:WASH) Commercial Real Estate Group recently provided $2.76 million to Forstone Capital, LLC to finance the acquisition of a single-tenanted retail property in Westport, CT. The property, currently occupied by Men's Warehouse, consists of 6,843 square feet of retail space. Constructed in 1989, the building is situated on a .64-acre parcel with high-visibility frontage along the densely populated commercial and retail area of Westport.
"Westport has one of the lowest retail and office vacancy rates in Fairfield County," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "Forstone Capital's acquisition of this property will benefit from the property's excellent location in this strong retail market."
Forstone Capital, LLC is a boutique real estate investment firm headquartered in Darien, CT. Since its inception in 2007, Forstone Capital has acquired over 1,000,000 square-feet of office, retail and multi-family properties throughout Connecticut.
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 Timothy M. Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 800-475-2265 ext. 1482.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is one of New England's premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH).
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Source:The Washington Trust Company