CONTACT: Charlene P. Davenport, Public Relations Officer, 401-348-1363
DATE: June 12, 2008
Washington Trust Provides Financing To The Wilder Companies and Partners for Newbury Street Property
June 12, 2008 (Westerly, Rhode Island). . .The Washington Trust Company's Commercial Real Estate Group recently provided $7 million in financing to Newglo Associates for refinancing purposes of the 16,888 square foot office/retail property located at 284 Newbury Street, Boston, Mass.
Newglo Associates 284, LLC is a Massachusetts entity associated with the principals of The Wilder Companies, Salvatore Capital and Stephen R. Lewenstein.
“Newbury Street in Boston is a highly desirable location for businesses and restaurants,” said John C. Warren, chairman and CEO of The Washington Trust Company. “We wish The Wilder Companies and their partners much success with this endeavor”
David J. Mallen, a Wilder principal said, “We appreciate Washington Trust's recognition of the value of 284 Newbury Street. This outstanding building sits on a dynamic corner of Boston's premiere shopping avenue. It is a location that is on par with the best shopping streets in the country.”
Based in Boston, The Wilder Companies specialize in the development and positioning of retail properties. Wilder has more than 35 years experience in merchandising specialty centers, street retail, mixed-use properties and regional malls. The company's current portfolio consists of 45 properties nationwide with an additional four million square feet under development. Web site address: www.wilderco.com .
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for construction of, refinancing of, or purchasing investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Julia Anne M. Slom, senior vice president, Commercial Real Estate Group, toll-free at 800-475-2265 or 401-348-1430.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.5 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. The Corporation's common stock trades on The NASDAQ Stock Market under the symbol WASH. Web site address: www.washtrust.com.
