WESTERLY, R.I., Jan. 30, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided more than $6.012 Million to 38 Main, LP to finance the acquisition and renovation of a mixed-use retail and office property in Westport, CT. Westport is one of Connecticut's premier retail markets.
The property, situated in the heart of Westport's idyllic Main Street, consists of more than 10,000 square-feet of space including three front retail locations, a second floor office and a restaurant occupying rear space on both the first and second floors. The owner plans to renovate and reposition the property with new tenants.
"Just 47 miles northeast of New York City, Westport is one of the nations most affluent communities, and its lively, pedestrian driven Main Street provides one of the regions premier retail destinations," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "
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 the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, small business 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). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.