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Washington Trust Provides $4.125 Million in Financing for Mixed-Use Retail Properties in New Haven, CT

WESTERLY, R.I., Nov. 14, 2014 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $4.125 million to Metro 254, LLC and Metro 260, LLC to finance the acquisition and renovation of a mixed-use retail property and parking garage in New Haven, CT. The properties, both located on Crown Street, reside in the Entertainment District of Downtown New Haven, within walking distance of Yale University and Yale New Haven Hospital. Combined, the properties consist of 10,840 square feet of retail space and a 120-car parking garage. Two longtime New Haven restaurants, 'Bar,' and 'Aladdin Crown Pizza,' currently occupy the retail space.

"New Haven is a vibrant city enriched by a growing bio-tech industry," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "With its proximity to Yale University and Yale New Haven Hospital, these properties are well-positioned to benefit from that growth."

Metro 254, LLC and Metro 260, LLC are borrowing entities of Metro Star Capital, LLC, a Connecticut Real Estate Development company founded by Robert Smith.

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:WASH).

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

Source:The Washington Trust Company