Wash. Trust refinances N.K. plaza’s debt

WESTERLY – The Washington Trust Co.’s commercial real estate group recently completed a $5.2 million financing deal with the Kingstown Plaza Limited Partnership, of North Kingstown.
The partnership refinanced its debt on an 88,000-square-foot retail plaza in North Kingstown that houses a T.J. Maxx and Home Goods, among other tenants.
The deal will also provide capital for future projects, Washington Trust said.
The Kingstown Plaza Limited Partnership is managed by Louis J. Grossman, president and treasurer of The Grossman Companies Inc. The Grossman Companies is a real estate development, property management firm and brokerage, with a focus on the New England area.
“It’s a pleasure to work with Mr. Grossman again and to provide financing for his North Kingstown retail center,” said John C. Warren, Washington Trust chairman and CEO.
Washington Trust’s commercial real estate group provides commercial real estate mortgages for construction of, refinancing of or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multimillion-dollar projects.
Washington Trust Bancorp Inc. (Nasdaq: WASH) is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.WashTrust.com.