Washington Trust Finances $8.3 Million Lifespan Medical Building

WESTERLY, R.I.--(BUSINESS WIRE)--Washington Trust’s Commercial Real Estate Group recently provided $8,337,588 in financing to Medical Asset Ventures, LLC for the construction of a 45,000 square foot Lifespan medical office building conveniently located on South County Trail in East Greenwich, R.I. The office space will be used for a variety of practice types including primary and cardiac care.

“Medical Asset Ventures has had proven success in developing these types of projects.”

The property sits adjacent to the Greenwich Medical Office Park which was developed over the last ten years by F.H. French Company (FHF), which is affiliated with Medical Asset Ventures, LLC. Founded in 1935, FHF is a full service real estate firm owned by Jen Cookke and formally Jack Keigwin that owns approximately 750,000 square feet of commercial office and medical properties throughout Rhode Island. During the last 25 years, F.H. French has owned, managed, developed, or built over 2,500,000 square feet of office, industrial, and medical developments valued in excess of $300 million.

“The current trend in healthcare is for medical practices to open facilities that are off the hospital campus, but still convenient for their patients,” said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer. “Medical Asset Ventures has had proven success in developing these types of projects.”

Julia Anne Slom, Washington Trust Senior Vice President, served as lead lender for the project as part of Washington Trust's Commercial Real Estate Group which 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 Julia Anne M. Slom, Senior Vice President, Commercial Real Estate Group, toll-free at 800-475-2265 x1430 or directly at 401-348-1430.

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).