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Washington Trust’s Commercial Real Estate Group recently provided $12.5 million to Celeron Square Associates, LLC, for the refinancing of an off-campus student housing complex adjacent to the University of Connecticut in Storrs, Connecticut.
Westerly, RI– Washington Trust’s Commercial Real Estate Group recently provided $12.5 million to Celeron Square Associates, LLC, for the refinancing of an off-campus student housing complex adjacent to the University of Connecticut in Storrs, Connecticut.
Located at 180 Hunting Lodge Road in Storrs, the apartment complex, known as Celeron Square Apartments, was built between 1985-1987. The complex consists of 22 buildings containing 160 garden-style apartment units, with 416 beds, on a 20-acre parcel. Each building contains eight units, four per floor. The mix of units includes 40 one-bedroom units containing 80 beds, 56 two-bedroom units containing 144 beds and 64 three-bedroom units containing 192 beds. There is on-site parking for 320 vehicles. A private pathway leading from the complex to the University of Connecticut campus distinguishes Celeron Square Apartments as one of the area’s closest off-campus housing facilities.
“Housing at the campus has always been in strong demand and this strategically located property serves the college community extremely well,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.
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.
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 OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.
Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $13.5 million in financing to Uniglobe Investment, LLC, for an off-campus student-housing complex in Mansfield, Connecticut, 10-15 minutes from the University of Connecticut campus.
The complex, Meadowbrook Garden Apartments, is separated into two parcels, located at 73 and 91 Meadowbrook Lane in Mansfield. The first phase of the project consisted of 50 new townhouse-style apartments, each with three bedrooms, an attached garage and approximately 1,500 square feet of space finished with granite countertops, stainless steel appliances and other amenities. Each of the 50-units are currently leased to UCONN students. The second phase of the project will consist of 36 flat-style apartments, including 12 one-bedroom units and 24 two-bedroom units. The property will also include a center green, gazebo and walking trail.
“Uniglobe Investment did a fantastic job of identifying both the need for student housing and a location to meet that need,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The project was ready to meet the incoming students last August and has been well received. Washington Trust is pleased to begin a relationship with this committed team.”
“It’s been a great pleasure working with the Washington Trust team to finance our development of the Meadowbrook Gardens Aparments,” added Jack Yang, President of Uniglobe Investment, LLC. “We are very impressed by the professionalism, patience, cooperation and thorough understanding of the market demonstrated by the lending team.”
Uniglobe Investment, LLC is a CT limited liability company owned by Jack Yang.
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 Pickering, Senior Vice President, Commercial Real Estate Group, at 401-401-1482 or 1-800-475-2265 ext. 1482.
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 www.washtrust.com.
Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $8 million to Armstrong Shelton Properties, LLC, for the acquisition and tenant improvements of a 151,000 square-foot office complex in Shelton, Connecticut.
The property is comprised of two separate class-A office buildings anchored by LifeCare, Inc., a Shelton based provider of employer-sponsored work-life benefits. Both buildings feature spacious lobby areas with open atriums, terrazzo flooring and ample parking. Located at 2 & 4 Armstrong Road in Shelton, a few minutes drive from the Merritt Parkway, the property sits on a pond side, wooded campus with onsite jogging trails and a picnic area.
“Rugby has a strong track record of refreshing and updating office properties and implementing strong leasing strategies,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “This financing was an opportunity to expand our relationship with a strong client in a market that they know well.”
Armstrong Shelton Properties, LLC is a single asset holding company of Rugby Realty. Rugby Realty engages in the purchase, development, and management of real estate holdings and owns and operates 8 million square feet of commercial real estate in New York, New Jersey, Connecticut, Florida, Georgia and Pennsylvania. The company is based in New Rochelle, New York.
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 Catherine R. Fusco, Vice President, Commercial Lending, at 401-348-1681 or 800-475-2265 ext. 1681.
East Providence, RI – Washington Trust’s Commercial Real Estate Group recently provided $19.6 million in financing to Kettle Point Apartments, LLC, for the construction of a 134 unit, Class-A apartment complex in East Providence, Rhode Island.
Located on a 6.61 acre site on Kettle Point Avenue, the property includes 65 one-bedroom units, 65 two-bedroom units and four three-bedroom townhouse units. Each luxury apartment will feature laminate countertops, ceramic tiled bathrooms, 42” kitchen cabinets, crown molding, stainless steel appliances and laundry machines as well as vinyl plank wood flooring in the kitchen and carpeting in the living areas. Onsite amenities will include a clubhouse with a tenant lounge area and yoga room, an outdoor swimming pool and fitness center. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest.
“Washington Trust is very excited to be involved with this fabulous project,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The views from this location, combined with the proximity to Providence and its wonderful units and amenities, make this a one of a kind property for the area.”
Kettle Point Apartments, LLC, is a single asset limited liability company established for the sole purpose of developing the Kettle Point Avenue property.
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 Laurel Bowerman, Vice President & Market Leader, Commercial Real Estate Group, at 401-348-8247 or 1-800-475-2265 ext. 8247.
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/.
Westerly, RI – 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."
Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $3.36 million to 555 Day Hill, LLC, for the refinancing of a retail center in Windsor, Connecticut. Constructed in 1989, the property consists of a 6.69-acre parcel improved with a 34,084 square-foot, single-story community retail building. The Center is anchored by Educational Playcare, Ltd., a successful daycare center which operates eight locations throughout Connecticut.
“The position of this retail center is a prime location for the area,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The current owners have owned the center for more than 20 years and have continually upgraded and maintained it throughout the years. We were pleased to be able to provide a financing package that worked well for them.”
“We are very pleased to have developed this new relationship with Washington Trust,” said the owners of 555 Day Hill, LLC. “Washington Trust was very responsive and proactive during the entire refinancing process. That responsiveness has continued throughout the monthly servicing of the loan.”
555 Day Hill, LLC is a CT limited liability company.
New Haven, CT – Washington Trust’s Commercial Real Estate Group recently provided $9.8 million in financing to Route 34 Phase I, LLC, for the refinancing of a recently constructed Rite Aid Pharmacy and the completion of a 10,000 square-foot retail building in downtown New Haven, Connecticut.
Located on Legion Avenue/Martin Luther King Boulevard (Rt. 34), the property benefits from being on a busy thoroughfare just two blocks from Yale New Haven Hospital in downtown New Haven. The Rite Aid Pharmacy building is comprised of 14,578 square feet of space and was completed in 2016. The new building being constructed on the property will be home to The Learning Experience, one of the nation’s largest for-profit providers of childcare and early childhood development services.
“This was a great opportunity to expand our relationship with Leyland Alliance,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The tenancy will fill a strong demand in the New Haven market, and we are excited to be a part of it.”
“Washington Trust has been a creative and supportive financing partner for LeylandAlliance through multiple projects,” said Howard Kaufman of LeylandAlliance. “We value our relationship and look forward to working on more new projects in the future.”
Route 34 Phase I, LLC is a single asset limited liability company of LeylandAlliance, a New York mixed-use developer with retail and office projects in New York, Connecticut, and North Carolina.
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 Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 1-800-475-2265 ext. 1482.
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