Washington Trust Finances $3.75 Million CT Industrial Properties
RI Bank Provides Commercial Real Estate Financial to Essex, CT Group
WESTERLY, R.I.--(BUSINESS WIRE)-- Washington Trusts Commercial Real Estate Group recently provided $3,750,000 in financing to Herbert T. Clark, III for a revolving line of credit to fund construction projects, capital improvements and other real estate working capital needs for the Clark Group. Bank financing is secured by three industrial properties totaling in excess of 100,000 square feet, located in Essex and Clinton, Connecticut.
These well-located industrial properties have historically exhibited strong occupancy levels in the past several years and are collectively occupied at 97% with 9 tenants, said Joseph J. MarcAurele, Washington Trust (WASH) Chairman, President, 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. Bank 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, toll-free at 1-800-475-2265 ext. 1482 or directly at 401-348-1482.
Headquartered in Essex, Connecticut, the Clark Group is family owned and operated real estate group specializing in industrial and commercial properties located in Southern Connecticut. The Clark Group has provided property management, construction management, site location, building design and other services since 1965.
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