News Press Releases

Washington Trust Provides $5.25 Million in Financing to Cranston Apartment Complex

WASH | October 7, 2013

Washington Trust’s Commercial Real Estate Group recently provided $5,250,000 million in financing to Residences at Garden City, LLC for the purchase of Garden City Apartments, a garden-style apartment complex in Cranston, RI. The complex, which maintains an on site rental office, consists of seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units across 5.16 acres of land.

Washington Trust's Commercial Real Estate Group provided $5.25 million in financing to Residences at Garden City, LLC for the purchase of Garden City Apartments, a garden-style apartment complex in Cranston, RI. (Photo: Business Wire)

The property, built in 1948, is adjacent to the northern end of Garden City Shopping Center which is one of Rhode Island’s favorite retail destinations. Apartment residents will have the convenience of adjacent retail stores, including Williams-Sonoma, Pottery Barn, Anthropologie, J.Crew, The Gap, Ann Taylor, Banana Republic, Talbots, and more. Whole Foods and restaurants, including Papa Razzi and Applebee’s, are within easy walking distance. Apartment residents will also receive attractive amenities such as discounts on selected restaurants at the Center, use of a conference room on site for events and meetings, and prime seating at the Center’s concerts.

“This apartment complex offers the great amenities of the Garden City area,” said Joseph J. MarcAurele, Washington Trust Chairman, President and CEO. “Located 10 minutes outside of Providence and within close proximity to Interstate 95, Route 295, and Route 2, it is also convenient base for commuters.”

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 Laurel Bowerman, Vice President, Commercial Real Estate Group, 401-654-4847 or 1-800-475-2265 ext. 8247.

Founded in 1800, Washington Trust is one of New England’s premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. 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. 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).