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Washington Trust Provides $1.14 Million in Financing for Aircraft Hangars at Quonset Airport in North Kingstown, RI

WESTERLY, R.I., Aug. 18, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $1.14 million to Landings at Quonset Airport, LLC, for the construction of four separate aircraft hangars at Quonset Airport in North Kingstown, RI.

The Landings at Quonset is located at 161 and 165 Eccleston Avenue in North Kingstown, alongside the runways of the Quonset State Airport. The construction of all four buildings is part of the first phase of a project to develop an aviation business at Quonset State Airport. Two of the buildings will each house ten 860 square-foot T-Hangars and accommodate a total of 20 aircraft between the two. The two additional buildings are separate, 3,600 square-foot box hangars each of which can store one, larger, private aircraft.

“We are pleased to have worked on this project with the developer who identified the need for this product and worked diligently to make it a reality,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The local response from the aviation community has been so positive and we are pleased to have been part of the development.”

Landings at Quonset Airport, LLC is a limited liability company.

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 Catherine R. Fusco, Vice President, Connecticut Commercial Real Estate Group, at 401-348-1681 or 800-475-2265 ext. 1681.

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 https://www.washtrust.com/.

MEDIA CONTACT: Tony Nunes Public Relations 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company