Washington Trust provides bond for refinancing of assisted-living home

WESTERLY – The Washington Trust Co. recently provided tax-exempt bond and cash management services to an assisted-living facility in Warwick.
The Phyllis Siperstein Tamarisk Assisted Living Residence is a 68-unit assisted-living facility that was founded in 2002. The tax-exempt Health Facilities Revenue bond will go toward the refinancing of the residence, which comprises 49 traditional assisted living apartments, including a combination of studio, companion and one- and two-bedroom apartments, according to a press release.
“Tamarisk provides an essential service to the aging population of Rhode Island,” said Joseph J. MarcAurele, Washington Trust president and CEO, in a statement. “We’re pleased to work alongside an organization that is well-respected both in its community, as well as within the senior housing and care industry.”
The residence is operated by Tamarisk Inc., which is owned by the nonprofit Jewish Seniors Agency of Rhode Island.
“Washington Trust has been a pleasure to work with during our recent refinancing of Tamarisk,” said Roberta Ragge, executive director of Tamarisk, in a statement. “They were responsive to our needs and they customized a financing package that we are very pleased with. We look forward to a long relationship with Washington Trust that not only serves our banking needs at Tamarisk, but throughout our organization.”

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