Washington Trust Provides $17.725 Million to Dowling Village Apartments, LLC
June 22, 2021
North Smithfield, RI - Washington Trust’s Commercial Real Estate Group recently provided $17.725 million in permanent financing to Dowling Village Apartments, LLC for the newly constructed four story, 88-unit Club at Dowling Village apartment complex located at 2 Booth Pond Road in North Smithfield, Rhode Island.
The property is located within Dowling Village, a retail power center located off Route 146A, which houses several well-known national tenants, including Walmart, Lowe’s, Kohl’s, PetSmart and Aldi’s. The east end of the property abuts wooded conservation land, known as the Booth Pond Conservation Area.
“We are pleased to have provided financing for our borrower for a residential use property close to several major employers, including CVS Health Corporation, Amica Mutual Insurance Co., Fidelity Investments and Tiffany & Co., ” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The property has been well received in the market as it has achieved 97.7% occupancy within the first year of completion.”
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 Bowerman, Vice President, Commercial Real Estate Group, at 401-654-4847.
ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH).