Washington Trust Finances $4.5 Million Acquisition of Blackstone Place in Pawtucket, R.I.

Current tenants include Rite Aid pharmacy

WESTERLY, R.I.–(BUSINESS WIRE)– Washington Trust‘sCommercial Real Estate Group recently provided $4,500,000 in commercial mortgage financing to Blackstone Place Limited Partnership for the acquisition of Blackstone Place, a 38,000 square foot retail building located at 727 East Avenue, Pawtucket, R.I.The retail space is currently occupied by Rite Aid, Hillside Avenue Family & Community Medicine, and Dunkin Donuts.

“This property is located at the end of Hope Street at the junction of Blackstone Boulevard in the affluent East Side of Providence neighborhood,” said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer. Adding, “It has excellent tenants, including Rite Aid, the third largest drugstore chain in the country.”

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 Mary Ettinger , Vice President, Commercial Real Estate Group, 401-348-1415 or 1-800-475-2265 ext. 1415.

Founded in 1800, Washington Trust is the largest independent bank headquartered in Rhode Island and the oldest community Bank in the nation. Washington Trust provides commercial banking, small business banking, personal banking, mortgage banking, and wealth management and trust services to individuals and institutions throughout the Northeast. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Washington Trust is an SBA preferred lender. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ Global Select, symbol: WASH).

Washington Trust
Elizabeth B. Eckel, 401-348-1309
SVP Marketing
ebeckel@washtrust.com

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