WESTERLY, R.I., May 26, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $8 million to Armstrong Shelton Properties, LLC,
for the acquisition and tenant improvements of a 151,000 square-foot office complex in Shelton, Connecticut.
The property is comprised of two separate class-A office buildings anchored by LifeCare, Inc., a Shelton based provider of
employer-sponsored work-life benefits. Both buildings feature spacious lobby areas with open atriums, terrazzo flooring and ample
parking. Located at 2 & 4 Armstrong Road in Shelton, a few minutes drive from the Merritt Parkway, the property sits on a pond
side, wooded campus with onsite jogging trails and a picnic area.
“Rugby has a strong track record of refreshing and updating office properties and implementing strong leasing strategies,” said
Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “This financing
was an opportunity to expand our relationship with a strong client in a market that they know well.”
Armstrong Shelton Properties, LLC is a single asset holding company of Rugby Realty. Rugby Realty engages in the purchase,
development, and management of real estate holdings and owns and operates 8 million square feet of commercial real estate in New
York, New Jersey, Connecticut, Florida, Georgia and Pennsylvania. The company is based in New Rochelle, New York.
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 Catherine R. Fusco, Vice President, Commercial Lending, at 401-348-1681 or 800-475-2265 ext.
1681.
ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered
bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies. Washington Trust offers a full
range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut
and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ:WASH). Additional information on Washington Trust and
its subsidiaries can be found at www.washtrust.com.
MEDIA CONTACT: Tony Nunes Public Relations 401.348.1657 ajnunes@washtrust.com
