WashTrust to finance Coventry retail center

WESTERLY – The Washington Trust Co.’s commercial real estate group recently provided $8 million in financing to HechtWin Coventry LLC, a division of The Hecht Co. Inc., for the construction of a 21,000-square-foot retail center in Coventry.

The center, named Coventry Crossing, will be located near exit 7 on Interstate 95. It will consist of a three buildings, which will house a CVS/pharmacy store, a bank and a Dunkin’ Donuts, leaving 2,700 square feet of space for another tenant, according to Washington Trust.

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The Hecht Co. was founded in 2001 by Kenneth W. Hecht to purchase real estate and to execute select brokerage assignments for a few clients. To date, the company has brokered transactions or made acquisitions involving more than 2 million square feet of property, primarily consisting of retail space. It has an additional 4 million square feet in development or in its brokerage pipeline.

“Coventry Crossings is an attractive retail project that will enhance this growing area of Coventry and East Greenwich,” said John C. Warren, chairman and CEO of Washington Trust. “We are pleased to have provided financing for this project.”

Washington Trust’s commercial real estate group provides commercial real estate mortgages for the construction, refinancing or purchase of investment real estate projects. Financing ranges in size from several hundred thousand dollars to multimillion dollar projects.

The Hecht Co. Inc., founded in 2001, is a Concord, Mass.-based developer of retail properties across New England. It is the parent of Hecht Development. To learn more, visit www.hechtdev.com.

Washington Trust Bancorp Inc. (Nasdaq: WASH), based in Westerly, is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.washtrust.com.