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Washington Trust Provides $6 Million in Financing for Multi-Tenant Retail Center in Waterbury, CT

WESTERLY, R.I., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group (NASDAQ:WASH) recently provided $6 million in financing to Waterbury LIR, LLC, for the purposes of equity recapture and funding construction and future tenant improvements to the Waterbury Shopping Center in Waterbury, Connecticut.

Located on Wolcott Street, a major retail corridor in Waterbury, the property consists of 125,000 square-feet of retail space. Tenants include Jo-Ann Stores, Ollie’s Bargain Outlet and the Porter and Chester Institute, a regional career training school. Additionally, McDonalds will be constructing a new restaurant on the property.

“Tartaglia Commercial Properties has demonstrated their redevelopment and leasing skills with the redevelopment of this property,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “Their expertise and professionalism are what make them such a valued client of Washington Trust. We are thrilled to expand our relationship with this successful transformation.”

“We always appreciate the personalized service we receive from Washington Trust,” added Lorraine Tartaglia of Tartaglia Commercial Properties.

Waterbury LIR, LLC is a CT limited liability company owned by Tartaglia Commercial Properties, one of Connecticut's largest privately held real estate development companies.

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 Pickering, Senior Vice President, Commercial Real Estate Group, at 401-401-1483 or 1-800-475-2265 ext. 1482.

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