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Washington Trust Provides $2.17 Million in Financing for the Acquisition of Four-Building, Multifamily Portfolio in Pawtucket, RI

WESTERLY, R.I., Oct. 28, 2015 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $2.178 million in financing to Evergreen Street Apartments, LLC for the acquisition of four multifamily properties located in Pawtucket, RI.

All four properties are located within walking distance of one another, three on Evergreen Street and one on Liberty Street. The three buildings at 251, 265 and 383 Evergreen Street each contain 12 dwelling units and were constructed in 1965. The fourth property, at 212 Liberty Street, contains 6 dwelling units and was constructed in 1964. Combined, the four-property portfolio includes more than 57,100 square-feet of space featuring 29 two-bedroom units and 13 one-bedroom units. The properties are brick, garden style buildings, each with coin-operated laundry and off street parking. All four buildings are located in the Darlington section of Pawtucket, in close proximity to Newport Avenue.

“Washington Trust provided excellent service with timely responses to our needs,” said John Cooper, President and Chief Operating Officer of Ferland Corporation. “The process was seamless thanks to their experienced, professional commercial lending team.”

“Ferland are strong, experienced multi-family operators and we certainly appreciated the opportunity to expand our relationship with them with this new loan, “said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.

Evergreen Street Apartments is a single asset LLC owned by the Ferland Corporation, a leading New England real estate development and property management firm

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 Mary Ettinger, Vice President, Commercial Real Estate Group, at 401-348-1415 or 800-475-2265 ext. 1415.

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:WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

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

Source:The Washington Trust Company