Washington Trust Finances The Kent Center’s Purchase of Medical Office Building in Warwick, RI
WESTERLY, R.I.--(BUSINESS WIRE)-- Washington Trust's Commercial & Industrial Lending Group has provided financing to The Kent Center, a community healthcare organization located in Warwick RI, for the direct purchase of a non-bank qualified tax-exempt Series 2012 bond. The proceeds were used to purchase a 31,752 square foot medical office building on 2.42 acres located at 2756 Post Road in Warwick. The building, in which The Kent Center operates its community support programs for adults with major mental illnesses, its youth & family services, primary care practice, housing and administrative offices, has been leased by the Center since 2007.
Washington Trust Finances The Kent Centers Purchase of Medical Office Building in Warwick, RI (Photo: Business Wire)
Washington Trust is pleased to work with The Kent Center to finance the purchase of their flagship building, stated Joseph J. MarcAurele, Washington Trust (WASH) Chairman, President, and Chief Executive Officer. As the demand for integrated, comprehensive healthcare increases, facilities such as The Kent Center are providing excellent patient services and specialization in integrated treatments.
Purchasing our building is really the fulfillment of a long-held desire to have a home of our own and an asset that will help to secure our organizations financial future, stated Kent Center President & CEO, David S. Lauterbach. We could not have done this without the leadership of our Board of Directors, the generosity of corporate and individual donors who supported our Capital Campaign, and the flexibility of Washington Trust.
The Kent Centers mission is to improve the quality of life for adults, children and families who struggle with mental health issues, substance abuse disorders and psychological trauma. The Kent Center provides a wide range of general outpatient and community-based behavioral health treatment services and supports, as well as integrated primary care and wellness programs, educational services and housing supports. The Kent Center was founded in 1976 and has grown from an organization that served a few hundreds people from a trailer on the grounds at Kent Hospital to a multi-million dollar organization that serves 4,000 men, women and children a year through a wide-range of healthcare services in multiple locations throughout Kent County. The Kent Center is licensed by the state of Rhode Island and accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF) with consistently good ratings and commendations.
Washington Trust's Commercial & Industrial Lending Group offers working capital, acquisition, and equipment financing as well as owner occupied real estate financing. The Group also offers a full-range of cash management products and services. For more information, contact Robert ONeil Vice President, Commercial Lending, toll-free at 1-800-475-2265 ext.1442 or directly at 401-348-1442.
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).
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Elizabeth B. Eckel, 401-348-1309
Source: Washington TrustCopyright Business Wire 2012