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Washington Trust Provides Tax-Exempt Financing to The Phyllis Siperstein Tamarisk Assisted Living Residence in Warwick, RI

WESTERLY, R.I., Nov. 18, 2015 (GLOBE NEWSWIRE) -- The Washington Trust Company recently provided a tax-exempt Health Facilities Revenue Refunding Bond and cash management services to The Phyllis Siperstein Tamarisk Assisted Living Residence, a 68-unit assisted living community located in Warwick, RI.

Founded in 2002, The Phyllis Siperstein Tamarisk Assisted Living Residence consists of 49 traditional assisted living apartments, including a combination of studio, companion, and one and two bedroom apartments. In addition, the Residence houses Tamarisk’s Renaissance Memory Support Program, a dedicated wing comprised of 19 studio and companion apartments providing specialized care to Alzheimer’s patients.

“Tamarisk provides an essential service to the aging population of Rhode Island,” said Joseph J. MarcAurele, Washington Trust chairman and CEO. “We’re pleased to work alongside an organization that is well-respected both in its community, as well as within the senior housing and care industry.”

“Washington Trust has been a pleasure to work with during our recent re-financing of Tamarisk,” said Roberta Ragge, executive director of Tamarisk. “They were responsive to our needs and they customized a financing package that we are very pleased with. We look forward to a long relationship with Washington Trust that not only serves our banking needs at Tamarisk, but throughout our organization.”

The Phyllis Siperstein Tamarisk Assisted Living Residence is operated by Tamarisk, Inc., which is solely owned by the non-profit Jewish Seniors Agency of Rhode Island.

Washington Trust’s commercial banking group offers a full line of commercial and industrial lending, commercial real estate lending, not-for-profit and municipal lending and cash management services to leading companies, real estate developers, not-for-profits and municipalities throughout the Northeast. For more information, contact Joseph M. Confessore, senior vice president and C&I team leader, at 401-348-1439, or 1-800-475-2265 ext.1439.

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