Washington Trust's Commercial Real Estate Group recently provided $8.8 million in financing for the refinancing of University Medical Center, LLC located at 195 Collyer St. in Providence, R.I. and Collyer Rehabilitation Center, LLC located at 208 Collyer St. Both are medical office buildings primarily leased to Miriam Hospital.
"University Medical Center and Collyer Rehabilitation Center are conveniently and strategically located in Providence and provide a home for some of Rhode Island's most respected medical institutions," said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer.
Both locations are in close proximity to Miriam Hospital and Interstate 95. Due to increasing industry trends in off-site ambulatory service center development as well as an aging population, the strong occupancy of both locations is projected to continue. Both properties are F.H. French affiliated properties. F.H. French is a full service real estate firm that owns approximately 750,000 square feet of commercial office and medical properties throughout Rhode Island.
Hospital privatization leads to lower quality care, study reveals