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Washington Trust Finances Whole Foods Market in Darien, CT

Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group recently provided $1.5 million in financing to Darien Hospitality Group, LLC for the refinancing of a ground lease on an over 5 acre parcel at 150-152 Ledge Road in Darien, CT currently leased to Whole Foods Market.

Whole Foods Market is a publicly traded Fortune 500 Company and the largest chain of natural and organic foods in the United States as well as the country’s 8th largest public grocery store chain. The 50,000 square-foot Whole Foods Market at 150-152 Ledge Road in Darien is the single-tenant of the 5.12-acre site. The property is ideally located in Darien, directly off of Exit 11 of Interstate 95 with frontage on the busy Boston Post Road (Route 1). Darien Hospitality Group, LLC acquired the property in 1994 and it was run as a Howard Johnsons hotel until Whole Foods Market executed their lease in 2008.

“Whole Foods is a strong, trendsetting brand in their industry, and the Darien location provides an ideal center of visibility for the Market,” 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 Timothy M. Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 800-475-2265 ext. 1482.

Founded in 1800, Washington Trust is one of New England’s premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ Global Select, symbol: WASH).

MEDIA CONTACT: Elizabeth B. Eckel, Senior Vice President, Marketing
TELEPHONE: 401-348-1309
EMAIL: ebeckel@washtrust.com
DATE: April 1, 2014

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