Washington Trust Provides $3.1 Million in Financing for Walgreens Pharmacy in Newington, CT

Westerly, Rhode Island, UNITED STATES

WESTERLY, R.I., July 21, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $3.1 million to 2920 Berlin Turnpike, LLC, for the refinancing of a 14,490 square-foot Walgreens Pharmacy in Newington, Connecticut.

Newington is located in mid-central Connecticut, bordered by West Hartford, Farmington, New Britain and Hartford. The Pharmacy is situated on a 3.24-acre corner lot located at 2920 Berlin Turnpike. The building reflects the typical Walgreens prototype and includes a two-lane drive-thru pharmacy and on-site parking for 89 vehicles. Walgreens is the largest pharmacy chain in the United State, operating 8,173 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. 

“The developers have strong experience in this type of retail asset,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “It is well placed and an important amenity to the neighborhood. We are very pleased to have been able to provide a financing solution.”

2920 Berlin Turnpike, LLC is a Connecticutt based limited liability company.

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.

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). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.


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