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Westerly, RI– Washington Trust’s Commercial Real Estate Group recently provided $1.1 million to Thames Development Associates, LLC, for the construction of seven condominium units at Thames Landings in Waterford, Connecticut.
Thames Landings is a condominium complex on a 9.5 acre property overlooking the Thames River. The seven units being constructed are part of building 8 of the complex, located at 64 Scotch Caps Road. Each unit will be a three-story townhouse with two bedrooms, two bathrooms, two decks, hardwood floors, granite countertops, central air conditioning and a one-car garage. Amenities will include an in-ground pool and tennis court on-site.
“Washington Trust provided flexible construction financing, making it easier for us to deliver a quality product to the eventual condominium owner,” said Paul Denz, Founder & President, Northside Development Company.
“We are delighted to continue working with Paul Denz, a valued client of Washington Trust, on this project in Waterford,” added Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We found a creative solution to help with the construction of the units and are pleased to see the success at Thames Landings under Northside’s expertise. These condominiums will help fill the demand in the local area for quality units in a great location.”
Thames Development Associates, LLC, is owned by Northside Development Company, a Connecticut based real estate development company concentrating in the New Haven 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 Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 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 https://www.washtrust.com/.
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/.
Essex, CT– Washington Trust’s Commercial Real Estate Group recently provided $8.6 million in financing to 21 Plains, LLC, 27 Plains, LLC and 29 Plains, LLC, for the construction of Essex Station Apartments, a 3-building, 52-unit luxury rental community with a moderate income component in Essex, Connecticut. The property is comprised of 51,976 square feet of rentable space which includes 30 one-bedroom and 22 two-bedroom garden apartments.
Located at 21, 27 and 29 Plains Road in Essex, the property is in close proximity to both CT Route 9 and Interstate 95.
“Essex Station Apartments, with its high quality construction and finish and the accompanying amenities, will meet a demand in the Essex community that is not currently being met by nearby properties,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “Washington Trust is excited to be a part of this transformative project.”
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 $1.9 million to Capstone Properties/RPS Associates, LLC, for the construction and financing of a Family Dollar retail store in Providence, Rhode Island. Located at 70 Plainfield Street, the property consists of 8,470 square-foot of retail space. Family Dollar, a wholly-owned subsidiary of Dollar Tree, Inc., manages 8,200 stores in rural and urban settings across 46 states.
“We were pleased to be able to provide financing for RPS’ build to suit project for their tenant - Family Dollar,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The popular retailer will be a strong addition to the neighborhood and Washington Trust is glad to be part of their development strategy.”
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.
Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $1 million to Tucker Development Group, LLC for the construction financing of single-family homes in subdivisions located in Lisbon and Groton, CT.
In Lisbon, CT, the construction will consist of five types of single-family homes set within a new 32-lot residential subdivision known as Barber Farm. Each lot varies in size from one to five acres. In Groton, CT, the homes are being built within Mill Pond Estates, a new 10-lot subdivision located in close proximity to downtown Groton, the Groton Naval Base, and Pfizer.
“Tucker Development is a strong housing developer and we are very pleased to finance such well located residential projects with them,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.
Tucker Development Group, LLC was formed in 2006 as a land development company specializing in land subdivision for residential development, focusing on the southern portion of the Rt. 395 corridor in Eastern Connecticut, from Groton to Norwich in New London County.
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 Real Estate Group, at 401-348-1681 or 800-475-2265 ext. 1681.
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 - The Washington Trust Company recently provided $13 Million in commercial financing to Devens TRC, LLC, for the construction of a new inpatient behavioral health treatment center in Devens, MA.
Located on a 7.5-acre property at 85 Patton Road, within Devens’ Jackson Technology Park, the new facility will include a 78,000 square-foot, two-story behavioral hospital. The hospital will be home to the TaraVista Behavioral Health Center, a 108-bed psychiatric healthcare facility that will be managed by Devens Treatment & Recovery Center, LLC.
“We are pleased to partner with TaraVista Behavioral Health Center to help them build a new psychiatric healthcare facility in central Massachusetts,” said Robert R. Kent, Jr., Senior Vice President and Team Leader of Washington Trust’s Commercial Banking Group. “This new facility will provide additional behavioral health treatment capacity and make treatment more accessible and convenient for patients in the surrounding area.”
Washington Trust’s commercial banking group offers a full line of commercial, industrial and real estate lending and cash management services to leading companies, real estate developers, not-for-profits and municipalities throughout the Northeast. For more information, contact Robert R. Kent, Jr., Senior Vice President and Commercial Banking Team Leader, at 401-654-4855.
Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $15.4 million in financing to Clark Commercial Center, LLC for the acquisition of a 13-property portfolio located in Clark, NJ. An additional $3.15 million in construction financing has also been reserved for capital and tenant improvements to the properties.
Located in Clark, a New Jersey suburb 20 miles southwest of Manhattan and 13 miles southwest of Newark, each of the 13 properties sit in close proximity to one another on Central, Terminal and Westfield Avenues. The portfolio consists primarily of industrial flex space, comprising 8 of the properties, with 2 retail properties, 2 single-family residences and a vacant lot also included. In total, the portfolio includes approximately 283,000 square-feet of space. Four of the properties are currently leased to L’Oreal Products.
“Our clients have assembled a unique portfolio with a diverse tenant base in the well located town of Clark,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We are pleased to finance this first transaction with them and hope to expand our relationship within their footprint.”
Clark Commercial Center, LLC is owned by The Denholtz Group, who serve as managing partner, and MB1 Capital Partners, a private real estate investment company based in Belmar, NJ.
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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