Commercial Banking

Washington Trust Provides $27.7 Million to Palmer Center LLC

May 19, 2022

Washington Trust’s Commercial Real Estate Group recently provided $27.7 million to Palmer Center LLC for the refinancing of a 77,673 square foot grocery-anchored plaza located on Palmer Avenue in New Rochelle, N.Y.

The property has historically enjoyed strong occupancy levels due to its anchor tenant, Stop & Shop, its superb location with visibility from I-95, and strong surrounding neighborhood density. “We are pleased to have provided financing for this well-located retail asset that provides service-oriented and consumer goods to the surrounding community,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.

“Washington Trust understood the asset and our specific financing requirements,” said Fredric Leopold, Principal of Northstar Properties “We are a repeat customer of Washington Trust, and their knowledge of our business makes them a pleasure to work with.”

Northstar Properties is a New York City-based real estate investment firm that develops and operates retail and residential properties in the Northeast. Their portfolio primarily consists of supermarket and national discounter anchored open air community centers.

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 Bethany Lyons, Vice President, Commercial Real Estate Group, at 401-348-1538.

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