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Washington Trust Provides $6.85 Million in Financing for the Construction of Two-Story Medical Office in Newtown, CT

WESTERLY, R.I., Nov. 16, 2015 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $6.85 million in financing to Newtown Medical Office II, LLC for the construction of a medical office property located in Newtown, CT.

Located at 168-170 Mount Pleasant Road in Newtown, the new two-story building consists of 30,000 square-feet of flexible-use medical office space. Easily accessible from Route 84, the property is in close proximity to Danbury, New Milford and Bridgeport Hospitals. The office space is leased primarily to Western Connecticut Medical Group, a multi-specialty physician group servicing areas throughout Western Connecticut and Southeastern New York.

“Our client has done a wonderful job delivering well located and attractive office product to Newtown,” said Julia Anne M. Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group. “With its close proximity to age restricted and other housing, this building complements some of the other medical facilities in the area by providing convenient access to local medical providers.”

Newtown Medical Office II, LLC is a single asset holding company equally owned by Christopher Smith, CEO of Allegiance Realty Corporation, and Gregory Smith, founder of Maplewood Senior Living Communities.

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