WESTERLY, R.I., June 22, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $5.135 million to Newington LIR, LLC for the refinancing of a multi-tenant retail property in Newington, Connecticut. The 2.59-acre property includes a single-story, 25,093 square-foot retail building with parking for 120 vehicles. The building is currently separated into two units: a 6,723 square-foot section occupied by FedEx Office and an 18,370 square-foot section occupied by DSW Designer Shoe Warehouse.
Constructed in 1997 in the Hartford suburb of Newington, the spacious property is ideally located with good visibility on Rt. 71, at the intersection of Newington, West Hartford and Framingham. Set within a major retail corridor in central Connecticut, the building is easily accessible from Interstate-84 and Route 9 and benefits from its close proximity to nearby West Farms Mall.
"The tenants at the property are a strong complement to the other retail properties in this highly desirable retail corridor," said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust's Commercial Real Estate Group. "We are pleased to continue to work with the Tartaglia Family on this strong asset."
Newington LIR, LLC is a single purpose Connecticut limited liability company owned by Tartaglia Commercial Properties, which manages a retail portfolio of more than 21 properties throughout Connecticut, including an 82,000 square-foot retail building adjacent to this property.
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.
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Founded in 1800, Washington Trust® is the oldest community bank in the nation and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage 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.
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Source:The Washington Trust Company