Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group recently provided a $3,350,000 commercial mortgage to Chestnut Cottage, LLC, to finance the newly constructed 30-unit Alzheimer’s facility adjacent to the existing Carriage House and Elms Retirement Residence, both well known and established assisted living facilities, in Westerly, R.I. Chestnut Cottages, which opened in June of 2010 after eight months of construction, fulfilled a growing demand in the community for such space as evidenced by its stabilized occupancy within nine months of opening.
“Chestnut Cottage is an important addition to our community, as it provides both residents and their families with the support needed to treat those living with Alzheimer’s and dementia," said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer.
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 x1430 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 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.