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By Michael Souza
PBN Staff Writer
WESTERLY – Washington Trust is financing another commercial real estate venture.
Earlier this month, the Westerly-based bank announced it has provided about $8.4 million in financing to Medical Asset Ventures LLC for a new 45,000-square-foot Lifespan medical office building on South County Trail in East Greenwich. The building will be designed for both primary and cardiac care.
Medical Asset Ventures is no stranger to medical facility development. The property is located next to the Greenwich Medical Office Park, a complex which was developed over the last decade by F.H. French Co., which is affiliated with MAV.
F.H. French Co. owns about 750,000 square feet of commercial office and medical properties throughout Rhode Island. During the last 25 years, FHF has owned, managed, developed or built million 2.5 million square feet of office, industrial and medical developments.
Washington Trust Chairman, President, and CEO Joseph J. MarcAurele is well aware of the changing face of health care service. “The current trend in healthcare is for medical practices to open facilities that are off the hospital campus, but still convenient for their patients,” he said in a statement announcing the undertaking. “Medical Asset Ventures has had proven success in developing these types of projects.”
In the last two months, Washington Trust’s commercial real estate group has provided $4.6 million in financing to Taurus CD 153 Batterymarch Street Limited Partnership and $4.8 million in financing to Emanon Associations LP for Providence’s Gardner Building at 40 Fountain St.