BENSALEM, Pa. – The Washington Trust Co. recently provided $14 million to finance the redevelopment of a retail center in Pennsylvania.
The deal was made to refinance and redevelop a 101,000-square-foot retail center in Bensalem, Pa., a suburb of Philadelphia.
Tenants include a ShopRite grocery store, a Krispy Kreme and a Philly Pretzel Factory.
The deal was made with Bensalem MZL LLC, a single-asset limited liability company of Katz Properties, according to a press release.
“We are pleased to do more business with Katz Properties, providing them flexible financing solutions to work through the redevelopment of the center in Bensalem,” said Julia Anne M. Slom, senior vice president and team leader of Washington Trust commercial real estate group. “Once completed, the location will be a destination for local residents – providing a wide variety of retail amenities including grocery.”
Deals made in New York, New Jersey and Pennsylvania together made up about 5.3 percent of the Westerly-based bank’s total commercial real estate loan portfolio, according to a recent federal filing, which totaled $1.1 billion in the quarter ended June 30.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or you can follow him on Twitter @EliSherman.
