Westerly, Rhode Island…Washington Trust's Commercial Real Estate Group recently provided $2,000,000 in financing to Highland CCC II, LLC, for the newly constructed 22,711 square foot commercial office and warehouse located at 900 Highland Corporate Drive in Cumberland, Rhode Island. The building, known as “Cumberland Commerce Center Building II”, consists of a 4.29 acre parcel improved with a newly constructed 2-story, 22,711 square foot 4-unit high bay industrial flex building. Three of the units, or 89%, are complete. Tenants include Collegium Pharmaceutical, Inc., Coty, Inc., and Pfizer.
The property in located within the Highland Corporate Park in Cumberland, Rhode Island, a 250 acre, master planned office and industrial park owned and governed by The Economic Development Foundation of Rhode Island (EDFRI). All sites in Highland are fully permitted and serviced with public water, sewer, and gas utilities. Both telecommunication and electrical services are underground and include fiber optic infrastructure and a dual feed electric power loop.
"The Highland property is strategically located near Routes 99, 146 and 95, providing key access to major cities in Rhode Island and nearby Massachusetts," said Joseph J. MarcAurele, Washington Trust President and Chief Executive Officer.”
The EDFRI was established in 2005 as a result of the merger between The Blackstone Valley Development Foundation; industrial Foundation of Rhode Island; and the Woonsocket Industrial Development Corporation. The EDFRI comprises over 120 years of combined experience in the design, implementation and management of real estate based economic development strategies. With the mission to expand community tax bases and to create quality job opportunities through well designed real estate projects, the EDFRI is committed to being a valuable resource and partner in state, regional and local economic development initiatives.
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 Julia Anne M. Slom, senior vice president, Commercial Real Estate Group, toll-free at 800-475-2265 or directly at 401-348-1430.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.9 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 commercial banking, small 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 Global Select® Stock Market under the symbol WASH. Web site address: www.washtrust.com.