WashTrust finances Conn. medical office construction

WESTERLY – The Washington Trust Co. helped Newtown Medical Office I LLC build a suburban, two-story medical office building in Newtown, Conn., through a $4.84 million loan that closed in September.
The 10-year loan was used to build two-story facility, which includes 25,806 square feet of rentable space located roughly a mile from Interstate 84 and 5 miles from downtown Danbury. So far, 9,400 square feet of the first floor has been leased to DaVita Inc., a national dialysis treatment provider, according to Washington Trust. The entire second floor is leasable at this point, said a spokeswoman for the bank.
Washington Trust Chairman and CEO Joseph J. MarcAurele emphasized that the flexible nature of the remaining space was a key selling point. “Trends in the medical industry indicate flexibility as one of the key factors in choosing an office location,” he said in a statement.
In the company’s recent third-quarter earnings report, Washington Trust posted a total of $58.8 million in commercial construction and development loans – including those for medical office buildings – as of the end of September, an increase of 13.1 percent on its total at the end of the third quarter of 2013.

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