Washington Trust Provides $22.5 Million in Financing for Office and Flex Portfolio in Newton, MA
November 08, 2017
November 8, 2017
Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $22.5 million in financing to Chapel Business Partners, LLC, and SDC Watertown Partners, LLC, for the refinancing of an office and flex portfolio in Newton, Massachusetts. The portfolio is comprised on a 78,187 square-foot office building at 59-85 Chapel Street, a 32,000 square-foot flex/office building at 85 School Street and an 11,300 square-foot flex/office building at 165 Dexter Street.
“We are pleased to have provided financing on these properties, which have benefited greatly since our borrower’s acquisition from both new property enhancements as well as the resurgence and resulting growth of the surrounding area,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.
The sponsor, KS Partners, is a real estate development and management firm located in Woburn, MA with over four million square feet of commercial property throughout New England.
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 Lyons, Vice President, Commercial Real Estate Group, at 401-401-1538 or 1-800-475-2265 ext. 1538.
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 www.washtrust.com.