Washington Trust Provides $1 Million in Construction Financing for Subdivisions in Lisbon & Groton, CT
February 09, 2016
February 9, 2016
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.