Washington Trust Provides $2.6 Million in Financing for Walgreens Drugstore in Providence, RI

WESTERLY, R.I., Jan. 2, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $2.6 million to Curo Elmwood, LLC, for the refinancing of a Walgreens drugstore located at 533 Elmwood Avenue in Providence, RI. The 2.13-acre property, well located in South Providence, provides customers with 13,930 square-feet of retail space including a pharmacy drive through window. Walgreen's is the largest drugstore chain in the US, and the Elmwood Avenue location is currently one of the Company's highest producing stores.

"With the heavy traffic on Elmwood Avenue and familiarity of the Walgreens name, this property is primed for continued success," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.

Curo Elmwood, LLC is managed by Curo Enterprises out of New York.

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 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