Washington Trust Provides $1.9 Million in Financing for Construction of a Family Dollar Store in Providence, RI

8/10/17

WESTERLY, R.I., Aug. 10, 2017 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $1.9 million to Capstone Properties/RPS Associates, LLC, for the construction and financing of a Family Dollar retail store in Providence, Rhode Island. Located at 70 Plainfield Street, the property consists of 8,470 square-foot of retail space. Family Dollar, a wholly-owned subsidiary of Dollar Tree, Inc., manages 8,200 stores in rural and urban settings across 46 states.

“We were pleased to be able to provide financing for RPS’ build to suit project for their tenant - Family Dollar,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The popular retailer will be a strong addition to the neighborhood and Washington Trust is glad to be part of their development strategy.”

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, Market Leader, Commercial Real Estate Group, at 401-348-8247 or 1-800-475-2265 ext. 8247.

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 https://www.washtrust.com/.

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