• Washington Trust Bancorp, Inc.
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  • Washington Trust Finances $1.71 Million Salve Regina Project
    Company Release - 12/15/2004 10:50

    WESTERLY, R.I.--(BUSINESS WIRE)--Dec. 15, 2004--The Washington Trust Company's Commercial Real Estate Group, has announced that the Bank has provided SRU Holdings, LLC, a real estate holding company owned by Salve Regina University, with a $1.71 million commercial mortgage to purchase and finance two multi-family houses in Newport, Rhode Island.

    The mortgage involves financing two properties that are located within the University's campus vicinity in Newport, Rhode Island. The University has renovated one of the houses and converted the facility into administrative offices for the University's graduate studies department. The University completed the project in September 2004. The University does not have immediate plans for the second property, but may use it as a student residence. The units are currently rented by parties unaffiliated with the school.

    "We are pleased to provide Salve Regina University with commercial real estate financing and help support the growth of one of Rhode Island's finest institutions for higher education," said John C. Warren, Chairman and CEO of The Washington Trust Company.

    "Washington Trust financing has enabled us to purchase two exceptional pieces of property," stated, William B. Hall, Vice President for Business and Financial Affairs of Salve Regina University. "The University has experienced tremendous growth over the past few years and these facilities are critical to our future growth."

    Salve Regina was chartered by the State of Rhode Island in 1934 and currently enrolls 2,400 men and women from 34 states and 14 foreign countries and boasts more than 15,000 alumni. Salve Regina offers baccalaureate degrees in more than 40 disciplines, seven master's degree programs, five certificates for advanced graduate studies, and a doctorate in humanities. The University also offers a continuing education program for adult learners and online graduate extension studies. The University is accredited by the New England Association of Schools and Colleges, Inc. through its Commission on Institutions of Higher Education.

    Washington Trust's Commercial Real Estate Group offers construction, intermediate term, and long-term takeout financing for investment property in the New England region. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects.

    The Washington Trust Company is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including trust and investment management, through its 16 branch offices located in Rhode Island and southeastern Connecticut. Founded in 1800, the Bank is a subsidiary of Washington Trust Bancorp, Inc., whose common stock trades on The NASDAQ Stock Market(R) under the symbol WASH. Web site address: www.washtrust.com.

        CONTACT: Washington Trust Company
                 Elizabeth B. Eckel, 401-348-1309
                 Sr. Vice President, Marketing
        SOURCE: Washington Trust Company