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Washington Trust Provides $2.3 Million Commercial Real Estate Financing

Washington Trust, one of the region's top banks, recently provided $2,345,000 commercial real estate financing to Kleban Newington, LLC for the purchase of a 10,478 square foot retail plaza which includes two restaurants, located at 3260 Berlin Turnpike in Newington, Connecticut.

The sponsor, Kleban Properties, is a family-owned value added real estate developer that owns and operates professional and retail properties in town centers across the state of Connecticut and in several locations on the East Coast. The fourth generation family-owned business owns and operates nearly 1 million square feet of commercial space and has the largest taxable holdings in Fairfield, Connecticut.

“This property is well located with excellent frontage on a highly-trafficked retail corridor,” said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer, “The Bank is pleased to provide commercial mortgage financing to Kleban.”

Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Bank 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, 401-348-1538 or 1-800-475-2265 ext. 1538.

Founded in 1800, Washington Trust is the largest independent bank headquartered in Rhode Island and the oldest community Bank in the nation. Washington Trust provides commercial banking, small business banking, personal banking, mortgage banking, and wealth management and trust services to individuals and institutions throughout the Northeast. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Washington Trust is an SBA preferred lender. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ Global Select, symbol: WASH).

Copyright Business Wire 2010

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