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Washington Trust Provides Construction Financing for Three-Building Retail Project in Danbury, CT

WESTERLY, R.I., April 20, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided financing to SG Newtown Road Partners, LLC, for the construction of a three building, 18-thousand square-foot retail project in Danbury, CT. The three building property, located at 74 Newtown Road, includes two outparcels currently occupied by Texas Roadhouse and Popeye’s restaurants and a 7,650 square-foot in-line space occupied by Aspen Dental, T-Mobile and Doctor’s Express. SG Newtown Road Partners, LLC is a joint venture between The Grossman Companies and Summit Development.

“Our borrowers were able to identify and leverage a strategic location in a strong retail market in Danbury as evidenced by the exceptional pre-leasing at the site,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We look forward to working with them on this project.”

“Washington Trust’s team is always responsive and reliable,” adds Jacob Grossman, Co-President of The Grossman Companies. “We have great confidence in their execution and dynamic transactions.”

The Grossman Companies, Inc. is a family-owned real estate investment, management, private lending and brokerage company that owns and manages an approximate 2.5-million square-foot portfolio of commercial and residential properties geographically concentrated in New England.

Summit Development, LLC is a privately held diversified real estate investment, development and management company that has developed over 60 projects representing over 5.2 million square feet of commercial space and over 1,000 residential units.

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 Bethany Lyons, Vice President, Commercial Real Estate Group, at 401-348-1538 or 800-475-2265 ext. 1538.

ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, small business 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