Washington Trust Provides $1.5 Million in Financing For Advanced Auto Parts Property
Rhode Island-Based Bank Finances Commercial Real Estate Deal in West Hartford CT
WESTERLY, R.I.--(BUSINESS WIRE)-- The Commercial Real Estate Group of Washington Trust, Rhode Island's largest independent bank, recently provided a $1.5 million dollar commercial mortgage to Phoenix New Park Avenue, LLC for the acquisition of a retail property currently occupied by Advanced Auto Parts property located at 443 New Park Avenue in West Hartford, Connecticut.
This an attractive property because of the corporate guarantee lease by Advanced Auto Parts, the nations second largest auto parts supplier, said Joseph J. MarcAurele, Washington Trust (WASH) Chairman, President, and Chief Executive Officer. Its proximity to other national retail stores also makes this prime retail property.
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Bank financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Suzanne Walsh Erno , Vice President, Commercial Real Estate Group, toll-free at 800-475-2265 x1492 or directly at 401-348-1492.
Founded in 1800, Washington Trust is one of New Englands premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc. (NASDAQ Global Select, symbol: WASH).
Elizabeth B. Eckel, 401-348-1309
Source: Washington TrustCopyright Business Wire 2012