Washington Trust Provides $12 Million in Financing for High-Rise Office Property in New Haven, CT
September 21, 2016
September 21, 2016
Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $12 million in financing to 195 Church Street Associates, LLC, for the purposes of equity recapture and funding capital and tenant improvements to an 18-story, multi-tenant office high-rise in New Haven, CT.
Located at 195 Church Street, directly across from the New Haven Green, the 246,495 square-foot office tower is an iconic fixture in Downtown New Haven that was originally built by New Haven Savings Bank in 1974. Today, the building is leased to a number of tenants, including Buffalo, NY based First Niagara Bank, the law offices of Neubert, Pepe and Monteith and Carmody, Torrance, and biotech company Cogstate, to name a few. Capital improvements to the property will include renovations to the lobby and bathrooms, new energy efficient windows, the relocation of the First Niagara Bank branch and various other tenant improvements.
“Northside is an existing client of Washington Trust and we are very pleased to assist them in acquiring and renovating this prominent New Haven property,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The upgrades that they have planned for the lobby in particular will create wonderful visibility and an attractive streetscape, positioning the property for future success.”
“Washington Trust accomodated our need for multi-tranche real estate financing,” said Paul Denz, Founder and President of Northside Development, Co. “The loan structure enables us to complete tenant fit-up, as well as embark on a capital improvement plan.”
195 Church Street Associates is a single-asset, limited liability company managed by Northside Development, Co., a New Haven based commercial real estate developer.
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 www.washtrust.com.