Washington Trust Provides $17.4 Million in Financing for Class-A Office Building on Gorham Island in Westport, CT

WESTPORT, Conn., March 15, 2019 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $17.4 million in financing to Maplewood Gorham Island, LLC, for the acquisition of a class-A office building on Gorham Island in Westport, Connecticut. Originally built in 1986, the 3-story, 40,897 square-foot building is located on a private island on the Saugatuck River. The 7.06-acre property’s unique island setting provides panoramic views of the Saugatuck and sits in close proximity to downtown Westport.

Tenants of the Gorham Island property include Maplewood Senior Living, a provider of senior residences across CT, MA, NY, and OH; the Corporate headquarters of PetVet, a veterinary service provider; Team Tankers International, a leading chemical tanker company; and an office for U.S Trust, a subsidiary of the Bank of America Corporation. 

“Washington Trust is excited to be involved with such a premier property in Westport,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “Its location and quality are fabulous, and we are appreciative of the opportunity to do more business with these clients.”

Maplewood Gorham Island, LLC, is a single asset 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.

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