Wash Trust financing Conn. purchase

WESTERLY – The commercial real estate group of Washington Trust Bancorp Inc., parent of The Washington Trust Co., is providing nearly $2 million to a Connecticut realty company to buy a 55,582-square-foot commercial office building in Shelton, Conn., the bank announced last week.
Washington Trust’s Commercial Real Estate Group gave the $1,972,600 commercial mortgage to 889 Bridgeport Properties LLC, a separately owned affiliated entity of Rugby Realty Co. Inc., for the two-story building, located at 889 Bridgeport Ave.
The announcement of the commercial loan came the same week Washington Trust Bancorp said it had net income that increased 19 percent to $7.6 million in the third quarter of 2011.
“We are pleased to finance the properties for 889 Bridgeport Properties LLC and wish them the best of luck with leasing the space,” Joseph J. MarcAurele, Washington Trust chairman, president and CEO, said in a news release.