Commercial Lending

Washington Trust Provides $27 Million to Rocky Hill Properties, LLC

November 21, 2022

Rocky Hill, Conn. - Washington Trust’s Commercial Real Estate Group recently provided $27 million in permanent financing to Rocky Hill Properties, LLC, for its 144-unit, Class A multi-family property located at 11 Kensington Lane, Rocky Hill, Connecticut.

The property, known as Alterra, consists of 54 one-bedroom, one-bath units and 90 two-bedroom, two-bath units, which are located in five, three-story residential buildings. Amenities include a resort-inspired pool and deck with wi-fi, and outdoor lounge, fire pit and community grill, as well as a fitness facility, dog washing station, loaner bicycles, and a 2727 square foot clubhouse.

“Washington Trust provided us with seamless execution for our recent refinancing of Alterra,” said Howard S. Rappaport, Principal, Continental Properties, “The team at Washington Trust was proactive and highly professional, and fully understands our needs as both a borrower and an operator.”

“We are pleased to have provided financing for our borrower for Alterra, and to work with Howard and his team again,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “This location gives occupants convenient access to major employers, entertainment, and retail areas throughout central Connecticut and beyond.”

Continental Properties is a privately owned real estate firm primarily focused on development, redevelopment, and management of residential and commercial real estate investments throughout the United States. Founded over 50 years ago by Erwin Fisch, Continental Properties has actively built over 25,000 homes and residential residences throughout New Jersey, New York, Florida, Connecticut, California and other locations. The company is among the largest and most successful residential building and development organizations in the United States.

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 Brett Eagleson, Vice President, Commercial Real Estate Group, at 860-415-7053.

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