Washington Trust provides $21.3M in real estate financing this month

WESTERLY – The Washington Trust Co. is having a busy commercial real estate month, having provided at least $21.3 million in financing for deals in Massachusetts, New Jersey and New York.
The Westerly-based community bank, with $3.7 billion in assets, earlier this month announced a $18.5 million financing package for a New Jersey-based private real estate investment company to acquire a 13-property portfolio in Clark, N.J., according to a press release. The money was to be split up between the acquisition and the construction costs for capital and tenant improvements to the properties.
A week later, Washington Trust announced a commercial financing package with Strategic Marketing & Promotions Inc., a marketing company headquartered in Pearl River, N.Y. Details of the financial package, however, were not disclosed.
Most recently, the bank said it provided $2.8 million to SKM Corp., a single asset entity and subsidiary of United Capital Corp., for the refinancing of a Rite Aid Pharmacy in Reading, Mass., according to a press release.
Commercial real estate continues to be a focus of growth for Washington Trust. The vast majority – 91 percent – of the bank’s commercial real estate loan projects happen in the Rhode Island, Connecticut and Massachusetts, totaling just less than a billion dollars, according to its year-end financial report. New York, New Jersey and Pennsylvania comprise the next largest portion, 7.7 percent, totaling about $81 million.

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