WESTERLY, R.I.--(BUSINESS WIRE)--The Washington Trust Commercial Real Estate Group provided $405,000 in financing to ASIA Holdings LLC for the purchase of a 5,800 square foot commercial building in Cumberland, RI. Upon entering into the purchase and sales agreement, the borrower was able to negotiate two new leases resulting in 100% occupancy prior to closing.
Irene Schmitt, managing member of ASIA Holdings LLC, is currently the Founder and Managing Partner of The Baltic Group, LLC, located in Cumberland. The Baltic Group, LLC is a multi-faceted real estate acquisition, development and management 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. For more information, contact Bethany Lyons, Vice President, Commercial Real Estate Group, 401-348-1538 or 1-800-475-2265 ext. 1538.
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 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).