Washington Trust financing W.G. construction

WESTERLY – Washington Trust’s commercial real estate group recently completed a $2.3 million refinancing deal in East Providence while its commercial and industrial lending group provided $855,000 in financing for the construction of a physical-therapy business in West Greenwich.
The commercial group provided $2.3 million to Catamore One LLC to refinance existing debt held on the office building at 70 Catamore Blvd., East Providence. The 28,800-square-foot building, located in the Westminster Industrial Park, is fully occupied, the bank said.
Catamore One LLC is owned by Robert J. Manning, president and owner of Gray’s Point Investments LLC, a private equity and real estate investment firm based in Providence.
“Mr. Manning’s property is located in a growing corridor of commercial business in East Providence,” said John C. Warren, Washington Trust chairman and CEO. “We wish him continued success.”
Meanwhile, the $855,000 financing deal will assist McGovern Enterprises in buying land at 66 Nooseneck Hill Road, West Greenwich, to construct an owner-occupied building for Coventry Physical Therapy & Sports Medicine and two rental units.
McGovern Enterprises is owned by Edward and Marybeth McGovern of Coventry.
“Washington Trust is pleased to provide financing to McGovern Enterprises for its Physical Therapy facility,” said Warren. “We wish Mr. & Mrs. McGovern the best with this location.”
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.