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Debt & Equity

Washington Trust funds ‘office island’ acquisition

Washington Trust’s Commercial Real Estate Group provided $17.4 million in financing to Maplewood Gorham Island, LLC, for the acquisition of a class-A office building on Gorham Island in Westport, Connecticut.

Originally built in 1986, the three-story, 40,897 s/f building is located on a private island on the Saugatuck River.

The 7.06-acre property’s unique island setting provides panoramic views of the Saugatuck and sits in close proximity to downtown Westport.

Tenants include Maplewood Senior Living, the Corporate headquarters of PetVet, Team Tankers International, and an office for U.S Trust.

“Washington Trust is excited to be involved with such a premier property in Westport,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.

“Its location and quality are fabulous, and we are appreciative of the opportunity to do more business with these clients.”

Maplewood Gorham Island, LLC, is a single asset limited liability company.
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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