WESTERLY, R.I., May 18, 2016 (GLOBE NEWSWIRE) — Washington Trust’s Commercial Real Estate Group recently provided $4.7 million to Forest Hills Place Limited Partnership and $5.3 million to Elm Regency Limited Partnership for the refinancing and capital improvements of two apartment buildings in West Haven, Connecticut.
Forest Hills Apartment Complex, the first of the two properties, consists of four, three-story walk-up buildings containing 88 apartment units located on a 2.81-acre site. As a result of its close proximity to the University of New Haven, within a half-mile from the campus, the University leases the property for use as student housing. The second property, Elm Regency, consists of a four-story, 88-unit apartment complex on a 1.77-acre site. The Elm Regency property is located approximately .25-miles east of West Haven’s central business district.
“Washington Trust is actively lending in Connecticut and in particular the markets in and around New Haven,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We are pleased to help finance a product that will fill a strong need for well-maintained housing in a high-demand market.”
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 Timothy M. Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 800-475-2265 ext. 1482.
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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 www.washtrust.com.