Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group, in a participation loan with Cambridge Savings Bank, recently provided $9,000,000 to Rosemary Office Associates Limited Partnership for the refinancing of an 86,269 square-foot office building in Needham, Mass. The subject property is a two-story multi-tenanted office building with an excellent location less than ¾ mile from the Highland Ave/Route 128 interchange in the heart of Needham and within walking distance from the MBTA commuter rail station with service to downtown Boston.
Rosemary Office Associates is managed and operated by Equity Industrial Partners (EIP), a fully integrated industrial real estate company operating across the United States.
"Washington Trust is pleased to have met the financing needs of Equity Industrial Partners, a respected name in the real estate industry,” stated Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer. “The historically strong and stable occupancy at this property speaks highly to the management skills and experience of Equity Industrial.”
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.