WESTERLY, R.I., Feb. 05, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $15.4 million in financing to Clark Commercial Center, LLC for the acquisition of a 13-property portfolio located in Clark, NJ. An additional $3.15 million in construction financing has also been reserved for capital and tenant improvements to the properties.
Located in Clark, a New Jersey suburb 20 miles southwest of Manhattan and 13 miles southwest of Newark, each of the 13 properties sit in close proximity to one another on Central, Terminal and Westfield Avenues. The portfolio consists primarily of industrial flex space, comprising 8 of the properties, with 2 retail properties, 2 single-family residences and a vacant lot also included. In total, the portfolio includes approximately 283,000 square-feet of space. Four of the properties are currently leased to L’Oreal Products.
“Our clients have assembled a unique portfolio with a diverse tenant base in the well located town of Clark,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We are pleased to finance this first transaction with them and hope to expand our relationship within their footprint.”
Clark Commercial Center, LLC is owned by The Denholtz Group, who serve as managing partner, and MB1 Capital Partners, a private real estate investment company based in Belmar, NJ.
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