Wash Trust provides $3.8M for R.I., Conn. projects

By PBN Staff
Twitter: @ProvBusNews

WESTERLY – The Washington Trust Co. recently provided nearly $3.8 million to two customers for the purchase of commercial properties in Rhode Island and Connecticut.

Tender Hearts Child Care and Learning Center Inc. and Terrace Properties signed up for a $1.45 million commercial mortgage to purchase two commercial condominium units at 935 Jefferson Blvd. in Warwick that house Tender Hearts’ operations.

“Tender Hearts Child Care Center has an excellent reputation and is perfectly located within a key Rhode Island business district,” said Joseph J. MarcAurele, Washington Trust chairman, president and CEO.

Kleban Newington LLC, a subsidiary of Kleban Properties, took out a $2.34 million mortgage to purchase a 10,478-square-foot retail plaza in Newington, Conn., that includes two restaurants. Kleban Properties in a fourth-generation family business that owns and operates nearly 1 million square feet of commercial space and has the largest taxable holdings in Fairfield, Conn.

Commenting on the property, MarcAurele said that it “is well located with excellent frontage on a highly-trafficked retail corridor.”