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Washington Trust Provides $12 Million in Financing for Office/Retail Property in Boston’s Back Bay

WESTERLY, R.I., Oct. 28, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $12 million to Newglo Associates 284, LLC, for the refinancing of an 18,942 square-foot office and retail property in Boston, MA.

Located at the corner of Newbury and Gloucester Streets in Boston’s historic Back Bay, the property, built in 1899, includes an office over retail building with four above grade floors and one floor partially below grade. American shoe manufacturer, Frye Retail, and skincare and spa treatment center, Skin Spa New York, currently lease the property.

“This versatile property is well positioned on Newbury Street and attracts a wide variety of tenants, including Frye's flagship retail presence which certainly provides some cachet,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We were very pleased to continue working with the principals of Newglo on this exciting project.”

Newglo Associates 284 is a single-asset, limited liability company based in Massachusetts.

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 401-348-8247 or 1-800-475-2265 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: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