Washington Trust Provides $2.82 Million in Financing an Existing Rite Aid Pharmacy in Reading, MA

February 17, 2016

Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $2.82 million to AKM Corp. for the refinancing of an existing Rite Aid Pharmacy located in Reading, MA. Located at 15 Bolton Street in Reading, about 12 miles north of Boston, the property includes a 13,426 square-foot building on a 1.5-acre parcel of land. Built in 1997, the building underwent renovations in 2008 to accommodate Rite Aid Pharmacy, the third largest drugstore chain in the US, which leases the property to this day.

“We were very pleased to expand our relationship with United Capital with this well located property,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The location is especially strong given that this Rite Aid has the only drive through pharmacy in Reading.”

AKM Corp. is a single asset entity and wholly owned subsidiary of United Capital Corporation, a real estate investment and management company out of Great Neck, NY.

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 Suzanne Walsh Erno, vice president, Commercial Real Estate Group, at 401-348-1492 or 800-475-2265 ext. 1492.

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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 OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.