News:
Brokerage
Posted: July 24, 2014
Washington Trust provides $2.76 million financing to acquire retail property
Washington Trust's
commercial real estate group provided $2.76 million to Forstone Capital, LLC to finance the acquisition of a
single-tenanted retail property. The property, currently occupied by Men's Warehouse, consists of 6,843 s/f. Constructed in 1989, the building is situated on a .64-acre parcel with high-visibility frontage along the populated commercial and retail area of Westport.
"Westport has one of the lowest retail and office vacancy rates in Fairfield County," said Joseph
MarcAurele, Washington Trust chairman and chief executive officer. "Forstone Capital's acquisition of this property will benefit from the property's excellent location in this
strong retail market."
Forstone Capital, LLC is a boutique real estate investment firm headquartered in Darien, Conn. Since its inception in 2007, Forstone
Capital has acquired over one million s/f of office, retail and
multifamily properties throughout Connecticut.
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.
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