Washington Trust’s Commercial
Real Estate Group recently provided $14.485 million in financing
to DIV 40 Richards, LLC for a 147,000 square foot office building in
Norwalk, CT purchased in July of 2013. The borrower is presently
upgrading the building and adding amenities such as an expanded café,
upgraded common areas, a new fitness center and shuttle service to the
commuter station.
This project is sponsored by The Davis Companies (TDC), a full-service
real estate firm located in Boston, MA. Founded in 1976, TDC currently
owns more than 10 million square feet of space across 17 states. The
property is held by TDC’s $413.5 million real estate fund, Davis
Investment Ventures Fund II, LP. The Fund is actively seeking to acquire
real estate equity, joint-venture equity, debt, and securities. The
Fund’s focus is on distressed, troubled or underperforming assets that
can be acquired below their intrinsic value and where the firm’s
operating platform, relationships, and experience provide a competitive
advantage.
“This is an example of the type of project that has earned Davis
Companies a reputation as one of the premier real estate investment,
development and management firms in the northeast U.S.,” said Joseph J.
MarcAurele, Washington Trust Chairman, President and Chief Executive
Officer.
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 Bethany A. Lyons, Vice
President, Commercial Real Estate Group, 401-348-1538 or 1-800-475-2265
ext. 1538, or at balyons@washtrust.com.
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).
Copyright Business Wire 2013