Washington Trust provides $30 million in financing to Newport Apartments, LLC

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07/12/2023 - 03:30 PM

EAST PROVIDENCE, R.I., July 12, 2023 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $30 million in financing to Newport Apartments, LLC for the construction of a 142-unit apartment building in East Providence, R.I.

The subject development, located off Route1A/Newport Avenue in the Rumford section of East Providence, will consist of 47 studio, 43 one-bedroom and 52 two-bedrooms units, and is conveniently located three miles south of I-95 and Route 6 and approximately three miles north of I-195. Amenities will include a fitness center, a main lobby with package room and meeting area, along with an outdoor swimming pool and pool house. Construction is expected to be completed by October 2024.

"With high inflation rates and a very competitive housing market making rental properties more popular over the past several years," said Julia Anne M. Slom, Washington Trust's Executive Vice President & Chief Commercial Real Estate Officer, "Washington Trust is pleased to provide financing for this type of development in the City of East Providence."

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, at 401-654-4847.

ABOUT WASHINGTON TRUST^®Founded in 1800, Washington Trust is the oldest community bank in the nation 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 washtrust.com.)