News: Front Section

Washington Trust's Commercial Banking Group provides $6 million in financing to Science Hill Realty, LLC

Washington Trust's Commercial Banking Group provided $6 million in construction and permanent financing to Science Hill Realty, LLC, the real estate holding company of Foster Corp., for a new manufacturing facility. Foster Corp., a leading supplier to the medical device industry and market leader for polymers used in interventional catheters, recently broke ground on the 9.21 acre lot at 36 Ridge Rd., that will house a 32,000 s/f cGMP manufacturing facility. The new building, scheduled to be completed by May 1, 2015, will be FDA registered and will provide the necessary resources for development and manufacturing of complex pharmaceutical and medical device components, including implantable devices, drug delivery devices, and drug/device combinations. The facility will include a clean suite, clean equipment storage, QC lab, GMP warehouse, office space, loading dock and machine room. "Foster Corp. is fortunate to have the support of Washington Trust, a relationship that began over five years ago with acquisition financing," said Foster Corp. executive vice president and chief financial officer, Hank Hague. "Over time our relationship has expanded to include cash management services, working capital financing, and today construction financing. We are committed to our mission: Enabling polymer technologies to improve the quality of life and Washington Trust as our banking and financial partner helps us achieve this mission." "Foster Corporation is a leader in the medical device technologies industry and was named to Deloitte's Technology Fast 500(TM) in 2013. As the medical device market continues to grow, it puts pressure on equipment manufacturers to outsource aspects of product development companies like Foster Corporation," said Joseph MarcAurele, Washington Trust chairman and CEO. "This state-of-the-art facility will help them continue with innovative product development and design, as well as enhance production and packaging." Washington Trust's Commercial Banking Group provides multi-million financing to leading businesses, manufacturers, hospitals, and educational institutions throughout the Northeast. They offer a full line of commercial and industrial lending services, including business lines of credit, term loans, international banking services, as well as comprehensive cash management services and bank-at-work conveniences.
MORE FROM Front Section

Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.

Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Five ways to ruin a  Section 1031  Like-Kind Exchange - by Bill Lopriore

Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore

While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore

Four tips for a smooth 1031 Exchange - by Bill Lopriore

Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz

Make PR pop by highlighting unique angles - by Stanley Hurwitz

Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul

How COVID-19 has impacted office leasing - by Noble Allen and John Sokul

To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.