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Washington Trust Provides Forstone Capital $2.76 Million to Acquire Retail Property in Westport, CT

Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group recently provided $2.76 million to Forstone Capital, LLC to finance the acquisition of a single-tenanted retail property in Westport, CT. The property, currently occupied by Men’s Warehouse, consists of 6,843 square feet of retail space. Constructed in 1989, the building is situated on a .64-acre parcel with high-visibility frontage along the densely populated commercial and retail area of Westport.

“Westport has one of the lowest retail and office vacancy rates in Fairfield County,” said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. “Forstone Capital’s acquisition of this property will benefit from the property’s excellent location in this strong retail market.”

Forstone Capital, LLC is a boutique real estate investment firm headquartered in Darien, CT. Since its inception in 2007, Forstone Capital has acquired over 1,000,000 square-feet of office, retail and multi-family properties throughout Connecticut.

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.

ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is one of New England's premier financial services companies, providing mortgage banking, commercial banking, small business banking, personal banking, and wealth management and trust services to individuals and institutions through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Web site address: www.washtrust.com.

 

MEDIA CONTACT: Elizabeth B. Eckel, Senior Vice President, Marketing
TELEPHONE: 401-348-1309
EMAIL: ebeckel@washtrust.com
DATE: July 14, 2014
FOR IMMEDIATE RELEASE

 

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