News: Financial Digest
Posted: December 16, 2015
Washington Trust provides $6.85 million construction financing for the construction of a medical office property
Rendering of 168 Mount Pleasant Road - Newtown, CTNewtown, CT Washington Trust’s Commercial Real Estate Group provided $6.85 million in financing to Newtown Medical Office II, LLC for the construction of a medical office property.
Located at 168-170 Mount Pleasant Rd., the new two-story building consists of 30,000 s/f of flexible-use medical office space. Accessible from Rte. 84, the property is in close proximity to Danbury, New Milford and Bridgeport Hospitals. The office space is leased primarily to Western Connecticut Medical Group, a multi-specialty physician group servicing areas throughout Western Connecticut and Southeastern New York.
Julia Anne Slom, Washington Trust“Our client has done a wonderful job delivering well located and attractive office product to Newtown,” said Julia Anne Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group. “With its close proximity to age restricted and other housing, this building complements some of the other medical facilities in the area by providing convenient access to local medical providers.”
Newtown Medical Office II, LLC is a single asset holding company equally owned by Christopher Smith, CEO of Allegiance Realty Corporation, and Gregory Smith, founder of Maplewood Senior Living Communities.
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.
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 R.I., Conn. and Mass.
The WashingtonTrust Company is a subsidiary of Washington Trust Bancorp, Inc.
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