Wash. Trust refinances Needham building

WESTERLY – Washington Trust’s Commercial Real Estate Group, in a participation loan with Cambridge Savings Bank, recently provided $9 million to Rosemary Office Associates Limited Partnership for the refinancing of an 86,269-square-foot office building in Needham, Mass.
The subject property is a two-story multitenanted office building with an excellent location less than a mile from the Highland Avenue/Route 128 interchange in the heart of Needham, Washington Trust said.
Rosemary Office Associates is managed and operated by Equity Industrial Partners, a fully integrated industrial real estate company operating across the United States.
“Washington Trust is pleased to have met the financing needs of Equity Industrial Partners, a respected name in the real estate industry,” said Joseph J. MarcAurele, Washington Trust chairman, president and chief executive officer. “The historically strong and stable occupancy at this property speaks highly to the management skills and experience of Equity Industrial.”
Washington Trust’s Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multimillion dollar projects.