Washington Trust Provides $15.5 Million in Financing for Mayfield Place Apartment Project in Enfield, CT
March 02, 2017
March 2, 2017
Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $15.5 million in financing to Mayfield Place, LLC, for the phase-two construction of 120 class-A apartments at Mayfield Place, a 340-unit apartment project located in Enfield, Connecticut.
Mayfield Place is a three-phase construction project including 340 apartment units on a 69-acre property located in Enfield, between Hartford, CT and Springfield, MA. The first phase consisted of 100-units that are nearing completion, while the second phase of the project includes 120 apartment units to consist of twelve, two-story buildings, each containing ten units. Half of the units will be 1,129 square-foot, one-bedroom apartments with 1.5 baths, while the other half will include 1,448 square-foot, two-bedroom apartments with 2.5 baths. Each unit will have its own entrance and a one or two-car garage and feature upscale finishes including granite countertops, stainless steel appliances and crown moldings. The property also offers a clubhouse, pool, fitness center, business center and additional tenant storage.
“We are excited to finance the second phase of this successful project, which will, upon completion, fill a continued demand for rental housing in this conveniently located suburban community,” 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 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 https://www.washtrust.com/.