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Washington Trust Provides $4.84 Million in Financing for Construction of Medical Office Building in Newtown, CT

WESTERLY, R.I., Oct. 15, 2014 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $4.84 million to Newtown Medical Office I, LLC to finance the construction of a two-story suburban medical office building in Newtown, CT. The property, located at 164 Mount Pleasant Road in Newtown, is easily accessible from Route 84.

The building will feature 25,806 square-feet of rentable space. More than 9,400 square-feet of the building is leased to national dialysis treatment providers, DaVita, Inc., a division of DaVita HealthCare Partners Inc., a Fortune 500(r) company.

"Trends in the medical industry indicate flexibility as one of the key factors in choosing an office location," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "With DaVita, Inc. moving in and additional, versatile space to offer, this building will be an attractive addition to Newtown."

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 Mary K. Ettinger, Vice President, Commercial Real Estate Group, at 401-348-1415 or 800-475-2265 ext. 1415.

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:WASH).

CONTACT: Anthony Nunes Marketing Department 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company