Washington Trust Provides $1.1 Million in Financing for Construction of Condominium Units in Waterford, CT
July 26, 2017
July 26, 2017
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/.