Washington Trust finances Conn. office building

WESTERLY – The Washington Trust Co.’s commercial real estate group last month announced a recent financing package it provided for the acquisition of a 10,270-square-foot office building in Milford, Conn.
The commercial real estate group financed the deal for a joint venture between Quincy, Mass.-based Grossman Cos. Inc. and Southport, Conn.-based Summit Development LLC, according to a press release. The single-floor building in Milford is located off Interstate 95 and Interstate 91, which the borrowing entity aims to provide for tenants within New Haven County’s medical industry, according to the release.
“The Grossman Companies have been a valued customer of Washington Trust for years,” said Joseph J. MarcAurele, chairman and chief executive of Washington Trust, in a statement. “We are pleased to continue that relationship as both Grossman and Summit development expand their portfolios across New England.”
The Grossman Companies is a family-owned real estate investment, management and brokerage company that owns about two million square foot portfolio of commercial and residential properties around New England, according to the bank.
Washington Trust is the largest state-chartered bank in Rhode Island and is headquartered in Westerly.

No posts to display