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Washington Trust Provides Financing for Student Housing Community in Providence, RI

Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group recently provided multi-million dollar construction and permanent financing to GD Holdings, LLC for the construction of a 267-bed student housing community near Brown University in Providence, RI.

Sponsored by Gilbane Development Company as part of their “Next Level of Student Housing” program, the new housing community will consist of 95 units, including four one-bedroom units, two two-bedroom units and eighty-one three-bedroom units. Located at 257 Thayer Street in Providence, RI, the new housing takes up nearly an entire city block 0.2 miles from the center of the Brown University Campus and in close proximity to the Rhode Island School of Design. Its location in the heart of the Thayer Street retail district also includes 1,000 square feet of retail space with frontage on Thayer Street as well as underground parking for up to 75 cars. Overall, the project is comprised of four stories consisting of 143,532 square feet of space.

“Thayer Street is one of the active centers of art, culture and education in Providence,” said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. “Being set between two of the most prestigious schools in the Northeast, this new student housing community is perfectly positioned to generate high demand.”

Gilbane Development Company is the project development, financing and ownership arm of Gilbane Inc. The company develops, owns and manages a variety of real estate projects located throughout the United States.

Washington Trust partnered with Bank Newport on the financing. 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 Laurel L. Bowerman, Vice President, Commercial Real Estate Group, at 401-654-4847 or 800-475-2265 ext. 8247.

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 OMX®: WASH).

MEDIA CONTACT: Elizabeth B. Eckel, Senior Vice President, Marketing
TELEPHONE: 401-348-1309
EMAIL: ebeckel@washtrust.com
DATE: May 29, 2014


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