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Washington Trust Finances Expansive Multi-Use Property in Downtown New Haven, CT

Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group recently provided $5.5 million in financing to 96 Orange Street Associates, LLC and 91 Church Street Associates, LLC to refinance existing debt and fund renovations on existing office, retail and luxury apartment space in downtown New Haven, CT. The three separate properties are located at 96 Orange St., 824 Chapel St. and 91 Church St. in New Haven.

Acquired in 2007, the property is well located in a diverse market of property types encompassing a large portion of a square city block in the center of downtown New Haven. The space includes a 100-car parking garage, 22,500 SF of to-be-renovated office space, 2,400 SF of retail space and 6,000 SF of multi family space where four luxury apartments are to be built. New tenants include Five Guys Burgers and DVA Renal Healthcare Inc., a major subsidiary of DaVita Healthcare Partners Inc.

“New Haven is a vibrant market with many new development projects currently planned or underway,” said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer. “The subject properties are well positioned within the market for their multi-use property types.”

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 8, 2014

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