Washington Trust Provides $30 Million to Benchmark for Its Popular New Pond Village Community in Walpole, MA

WALPOLE, Mass., June 25, 2019 /PRNewswire/ -- Washington Trust's Commercial Banking Group recently provided $30 million to Benchmark Senior Living for the refinancing of its New Pond Village continuing care community in Walpole, Massachusetts. The community, which sits on 19.4 acres just 19 miles south of Boston, last year celebrated the completion of an $8 million renovation and the opening of its Mind & Memorytm neighborhood, becoming the first community in Walpole to offer support for those with Alzheimer's or other cognitive impairment. Additional upgrades included new dining and common areas on the lower level. In 2018, Wicked Local bestowed a Reader's Choice Award upon New Pond Village citing it the "best retirement living residence" in the region.

"Benchmark and New Pond Village are gratified by the investment Washington Trust has made in this lovely community," says Sarah Laffey, Benchmark's Chief Investment Officer. "Walpole families have experienced the human connection and compassionate care that our associates have provided to residents and families over the years, and this investment can help assure them that New Pond Village will be here for generations to come."

With 167 independent living units, New Pond Village offers homes for active seniors who are looking to socialize, stay active and who no longer want the worry of owning a home. The independent living units comprise 57 one-bedroom and 110 two-bedroom apartments. The community also offers 17 assisted living units where residents receive assistance with the activities of daily living, such as dressing, bathing and taking medications.

"Washington Trust is appreciative to again have the opportunity to partner with Benchmark on this beautifully renovated community in Walpole," says Scott McCaughey, Vice President of Commercial Banking. "The newly renovated common areas and apartments offer the state-of-the art amenities important to the residents living in this wonderful community."  

Based in Waltham, Massachusetts, Benchmark is a human connection company and leading provider of senior housing in the Northeast with 6,400 associates and 58 communities. Founded in 1997 by Tom Grape, Benchmark offers independent living, assisted living, Alzheimer's care and continuing care retirement communities across eight states.

Washington Trust's Commercial Banking Group provides multi-million financing to leading businesses, manufacturers, hospitals, and educational institutions throughout the Northeast. The Group offers a full line of commercial and industrial lending services, including business lines of credit, term loans, international banking services, as well as comprehensive cash management services and bank-at-work conveniences. Washington Trust's team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. For more information, contact Scott McCaughey, Vice President, Commercial Lending, at 401-654-4872, or [email protected].

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: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.

ABOUT BENCHMARK

Established in 1997 and based in Waltham, Mass., Benchmark operates 58 communities and is the leading provider of senior living in the Northeast. Founder, Chairman and CEO Tom Grape has led Benchmark and its 6,400 associates to achieve $2.5 billion in company value and $500 million in annual revenue. Among numerous workplace awards, the organization in 2019 was selected for the second consecutive year as a Great Place to Work. In 2018, it was selected by Fortune magazine for its inaugural Best Workplaces for Aging Services list, taking the number 16 spot on the list of top 40 aging services companies and ranking third among companies with more than 40 communities. Benchmark is one of only six companies named to The Boston Globe Top Places to Work list every year of the 11 years it has been published. And it has been consistently recognized by Boston Business Journal, Hartford Courant and Hartford Business Journal as a top workplace, and by the Boston Business Journal, Providence Business News and Hartford Business Journal as one of the healthiest employers. Click here for more information.

SOURCE Washington Trust