TELEPHONE: 401-348-1309
EMAIL: ebeckel@washtrust.com
DATE: May 25, 2010
FOR IMMEDIATE RELEASE
Washington Trust Finances Mystic Drawbridge Holdings
Mystic, CT Property with Views of Mystic River
Westerly, Rhode Island... Washington Trust’s Commercial Real Estate Group recently provided $723,750 in financing to Mystic Drawbridge Holdings I, LLC, of Mystic, CT., for the refinancing of the property and to fund renovations and improvements of the second floor into two residential apartments in the former Odd Fellow Building located at 11-13 Cottrell Street in the heart of the downtown Mystic, CT historical district. The building is situated across the street from the Mystic River Park with the upper three floors having beautiful views of the Mystic River and the Historic Mystic Drawbridge.
Originally constructed in 1914 as the Odd Fellow Building, it was modernized in 1969, and more recently improved as a 9,400 square foot four-story mixed use building. Situated on 0.13 acres, each of the first three floors houses approximately 2,500 square feet, while the proposed fourth floor will stand at 1,900 square feet. The newly renovated first floor provides 2,000 square feet of retail consisting of four units each containing approximately 500 square feet each. The three upper floors contain 6,100 square feet of net living space currently undergoing renovation for five residential apartments.
"We wish Mystic Drawbridge Holdings the best of success with their renovation plans for this historic property located in downtown Mystic, CT—a quintessential New England town." said Joseph J. MarcAurele, Washington Trust President and Chief Executive Officer.”
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 Suzanne Walsh Erno, Vice President, Commercial Real Estate Group, toll-free at 800-475-2265 or directly at 401-348-1492.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.9 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including commercial banking, small business banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. The Corporation's common stock trades on The NASDAQ Global Select® Stock Market under the symbol WASH. Web site address: www.washtrust.com.
