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Washington Trust Provides $5.8 Million in Financing for Retail Center in Pawtucket, RI

WESTERLY, R.I., April 27, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $5.8 million to Linear Retail Properties, LLC, for the financing of Blackstone Place, a retail center located at 727 East Avenue in Pawtucket, RI.

Originally built in 1963, Blackstone Place is comprised of two buildings with ten retail spaces totaling 37,470 square-feet of space. The shopping center is fully leased, anchored by Rite Aid, with additional tenants including Hillside Family Medical, Dunkin’ Donuts and others. Blackstone Place is set in one of Pawtucket’s main retail corridors, located 2.5 miles north of downtown Providence.

“This extremely vibrant neighborhood plaza fits well with Linear Retail’s acquisition strategy and we are happy to expand our relationship assisting with this purchase,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The tenant mix of restaurants, necessity retail and convenience result in a well trafficked destination for the neighborhood.”

Burlington, MA based Linear Retail Properties is a leading acquirer, owner, developer and operator of more than 80 retail properties throughout eastern MA, southern NH and Rhode Island.

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 Laurel L. Bowerman, Vice President, Commercial Real Estate Group, at 401-654-4847 or 800-475-2265 ext. 8247.

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 OMX®: 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