Washington Trust Finances $14.485 Million Norwalk, CT Office Building

Washington Trust’s Commercial Real Estate Group recently provided $14.485 million in financing to DIV 40 Richards, LLC for a 147,000 square foot office building in Norwalk, CT purchased in July of 2013.  The borrower is presently upgrading the building and adding amenities such as an expanded café, upgraded common areas, a new fitness center and shuttle service to the commuter station.

This project is sponsored by The Davis Companies (TDC), a full-service real estate firm located in Boston, MA.  Founded in 1976, TDC currently owns more than 10 million square feet of space across 17 states. The property is held by TDC’s $413.5 million real estate fund, Davis Investment Ventures Fund II, LP.  The Fund is actively seeking to acquire real estate equity, joint-venture equity, debt, and securities.  The Fund’s focus is on distressed, troubled or underperforming assets that can be acquired below their intrinsic value and where the firm’s operating platform, relationships, and experience provide a competitive advantage.

“This is an example of the type of project that has earned Davis Companies a reputation as one of the premier real estate investment, development and management firms in the northeast U.S.,” said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer.

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 A. Lyons, Vice President, Commercial Real Estate Group, 401-348-1538 or 1-800-475-2265 ext. 1538, or at balyons@washtrust.com.

Founded in 1800, Washington Trust is one of New England’s premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. 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.  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).

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