Washington Trust Provides $20.67 Million in Financing for Retail Center in North Andover, MA

WESTERLY, R.I., Sept. 28, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group (Nasdaq:WASH) recently provided $20.67 million to Linear Retail Properties for the financing of Eaglewood Shops, a 77,558 square-foot shopping center located at 175 Turnpike Street in North Andover, MA.

Eaglewood Shops is a Class A retail center comprised of three buildings across 13 acres and is anchored by Staples. The fully leased center also includes Burton's Grill, Pier 1 Imports, Jos. A. Bank, Chico's, Chipotle, b.good and other national and regional retailers. Built in 2005 along Route 114, it is situated at the primary retail corridor of North Andover. Linear Retail acquired the Shops in June 2015.

"We are very happy to be able to continue to work with our longtime client Linear Retail," said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust's Commercial Real Estate Group. "This strategically placed center has a good mix of strong tenants that draws a large and diverse shopper mix from the surrounding communities."

Burlington, MA based Linear Retail Properties is a leading acquirer, owner, developer and operator of 79 retail properties throughout eastern MA, southern NH and Rhode Island.

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 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 OMX®: 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