WESTERLY – The Washington Trust Co. recently provided a $3.35 million commercial mortgage to Chestnut Cottage LLC for the newly constructed 30-unit Alzheimer’s facility in Westerly, next to the existing Carriage House and Elms Retirement Residence.
Chestnut Cottages, which opened in June 2010 after eight months of construction, is meeting a growing need in the community for such space, the bank said, noting its stabilized occupancy within nine months of opening.
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“Chestnut Cottage is an important addition to our community, as it provides both residents and their families with the support needed to treat those living with Alzheimer’s and dementia,” said Joseph J. MarcAurele, Washington Trust chairman, president and CEO.
Washington Trust’s commercial real estate group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects in Rhode Island and throughout the New England region. Financing can range from several hundred thousand dollars up to multimillion dollar projects.
