WESTERLY, R.I., Sept. 15, 2014 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $2.24 million to PVRD, LLC to finance the acquisition of a multi-tenant retail property currently occupied by PetSmart and Michaels Stores in Manchester, CT. The 50,000 square-foot property is part of The Plaza at Buckland Hills, an expansive shopping center located just off of I-84 in the center of Manchester's retail corridor.
Both PetSmart, the leading specialty pet retailer in North America, and Michaels Stores, the largest arts and crafts specialty retailers in North America, have occupied the property for more than a decade. The Plaza at Buckland Hills, where the property is set, has more than 313,000 square feet of space currently occupied by a number of restaurants and retailers.
"PetSmart and Michaels are both nationally renowned companies that only add to the areas commercial appeal," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "This property is in a key area of Manchester, surrounded by diverse retail and dining options with easy highway access."
PVRD, LLC is a newly formed realty holding company located in Avon, CT.
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 Suzanne Walsh Erno, Vice President, Commercial Real Estate Group, at 401-348-1492 or 800-475-2265 ext. 1492.
ABOUT WASHINGTON TRUST
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:WASH).