CONTACT: Charlene P. Davenport, Public Relations Officer, 401-348-1363
DATE: July 23, 2008
Washington Trust Provides Financing to The Elms of Westerly, LLC
July 23, 2008 (Westerly, Rhode Island). . .The Washington Trust Company's Commercial Real Estate Group recently provided financing to The Elms of Westerly, LLC and GMM Properties, LLC to refinance existing debt. The co-borrowing entities are the holding companies of The Elms Retirement Residence, Inc., an 82 room assisted living facility, and Carriage House at the Elms, a 25 unit Alzheimer-dementia unit located directly behind The Elms in Westerly, R.I.
Established in 1985, The Elms Retirement Residence, Inc. and Carriage House at the Elms, Inc. are owned by Guy Maiorano. The Elms Assisted Retirement Residence offers a less restrictive, more dignified alternative for seniors who might require some assistance with daily living, but otherwise want a full and active life. The Carriage House at The Elms is the only dedicated special care community in Southern Rhode Island for the care of early-stage Alzheimer's and dementia.
“We are pleased to have provided financing for these properties, which will provide attractive alternative care choices for seniors and those living with Alzheimer's in our community,” said John C. Warren, chairman and CEO of The Washington Trust Company.
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 $2.7 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.Corporation's common stock trades on The NASDAQ Stock Market under the symbol WASH. Web site address: www.washtrust.com.
