EAST
PROVIDENCE, R.I., July 12,
2023 /PRNewswire/ -- Washington Trust's
Commercial Real Estate Group recently provided $30 million in financing to Newport Apartments,
LLC for the construction of a 142-unit apartment building in
East Providence, R.I.
The subject development, located off Route1A/Newport Avenue in
the Rumford section of
East Providence, will consist of
47 studio, 43 one-bedroom and 52 two-bedrooms units, and is
conveniently located three miles south of I-95 and Route 6 and
approximately three miles north of I-195. Amenities will include a
fitness center, a main lobby with package room and meeting area,
along with an outdoor swimming pool and pool house. Construction is
expected to be completed by October 2024.
"With high inflation rates and a very competitive housing market
making rental properties more popular over the past several years,"
said Julia Anne M. Slom, Washington
Trust's Executive Vice President & Chief Commercial Real Estate
Officer, "Washington Trust is pleased to provide financing for this
type of development in the City of East
Providence."
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 multi-million
dollar projects. For more information, contact Laurel Bowerman, Vice President, Commercial Real
Estate Group, at 401-654-4847.
ABOUT WASHINGTON
TRUST®
Founded in 1800, Washington
Trust is the oldest community bank in the nation and one of
the Northeast's premier financial services companies. Washington
Trust offers a full range of financial services, including
commercial banking, mortgage banking, personal banking and wealth
management and trust services through its offices located in
Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is
a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ:
WASH). (Additional information on Washington Trust and its
subsidiaries can be found at washtrust.com.)
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SOURCE The Washington Trust Company