Washington Trust Provides $8 Million in Commercial Financing for Acquisition of Class-A Office Complex in Shelton, CT

May 25, 2016

Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $8 million to Armstrong Shelton Properties, LLC, for the acquisition and tenant improvements of a 151,000 square-foot office complex in Shelton, Connecticut.

The property is comprised of two separate class-A office buildings anchored by LifeCare, Inc., a Shelton based provider of employer-sponsored work-life benefits. Both buildings feature spacious lobby areas with open atriums, terrazzo flooring and ample parking. Located at 2 & 4 Armstrong Road in Shelton, a few minutes drive from the Merritt Parkway, the property sits on a pond side, wooded campus with onsite jogging trails and a picnic area.

“Rugby has a strong track record of refreshing and updating office properties and implementing strong leasing strategies,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “This financing was an opportunity to expand our relationship with a strong client in a market that they know well.”

Armstrong Shelton Properties, LLC is a single asset holding company of Rugby Realty. Rugby Realty engages in the purchase, development, and management of real estate holdings and owns and operates 8 million square feet of commercial real estate in New York, New Jersey, Connecticut, Florida, Georgia and Pennsylvania. The company is based in New Rochelle, New York.

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 Catherine R. Fusco, Vice President, Commercial Lending, at 401-348-1681 or 800-475-2265 ext. 1681.

ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.