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Washington Trust Provides $9.7 Million in Financing for Multi-Tenant Retail Property in Newton, MA

WESTERLY, R.I., Feb. 12, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $9.76 million to Northland 215 Needham LLC, to finance the acquisition of a multi-tenant retail property located at 215 Needham St. in Newton, MA. The 24,520 square-foot property is well located in the retail center of Newton, just 8 miles west of the Greater Boston area. The property has undergone recent redevelopment to accommodate the occupancy of several major tenants including PetSmart, The Men's Warehouse and Five Guys Burgers and Fries.

"With its close proximity to Boston and a strong retail demand, Newton offers an attractive market to retailers," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "We are pleased to finance this asset for Northland Investment Corporation, a strong sponsor with whom we have a long-standing relationship."

Northland 215 Needham LLC is managed by Northland Investment Corporation, a privately held real estate investment company based in Newton, MA with $3 billion in assets under management.

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 Catherine R. Fusco, Vice President, Commercial Real Estate Group, at 401-348-1200 or 800-475-2265 ext. 1681.

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