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Washington Trust Provides $2.15 Million in Financing for Acquisition of Office Property in Milford, CT

WESTERLY, R.I., April 27, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently financed the acquisition of a 10,270 square foot office building located directly off of the Merritt Parkway in Milford, CT. The single floor layout of the space, along with its convenient accessibility to Interstate's 95 and 91, the Merritt Parkway and Metro North line offer an attractive space for tenants within New Haven county's prevalent medical industry. The borrowing entity is a joint venture between the Quincy, MA based Grossman Companies, Inc. and Southport, CT based Summit Development, LLC.

"The Grossman Companies have been a valued customer of Washington Trust for years," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "We are pleased to continue that relationship as both Grossman and Summit Development expand their portfolios across New England."

With New England roots dating back more than 100 years, The Grossman Companies, Inc. is a family-owned real estate investment, management, and brokerage company that owns and manages an approximate two-million square-foot portfolio of commercial and residential properties geographically concentrated in New England.

Summit Development, LLC is a privately held diversified real estate investment, development and management company. The company has developed over 60 projects representing over four million square feet of commercial space and over 1,000 residential units, with a combined market value of over $700 million.

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 Bethany Lyons, Vice President, Commercial Real Estate Group, at 401-348-1538 or 800-475-2265 ext. 1538.

ABOUT WASHINGTON TRUST

Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, small business banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq:WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

CONTACT: MEDIA CONTACT: Tony Nunes Public Relations 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company