Washington Trust Provides $13 Million for First Phase Construction of Multifamily Apartment Development in Vernon, CT
October 26, 2018
October 26, 2018
Vernon, CT– Washington Trust’s Commercial Real Estate Group recently provided $13 million to Talcottville Vernon Development, LLC, for the first phase of construction on the multifamily Trail Run Apartments development in Vernon, Connecticut.
In its first phase, the Trail Run Apartments project will include the construction of 96 apartment units, a clubhouse, pool and site work for the entire project. In total, the three phase project will include 300 multi-family units across a 30-acre parcel. Located at 243 Talcottville Road in Vernon, the property is 12 miles from Hartford and close to the main campus of the University of Connecticut in Storrs. Among the apartments included in the first phase of construction will be six studio apartments, 48 one-bedroom apartments, and 42 two-bedroom apartments. In all, the initial phase will include more than 89,000 square feet of apartment space spread across a campus style layout.
In order to attract a diversified group of residents, Trail Run Apartments will include a 6,800 square foot clubhouse building at its center, featuring an over-sized lounge area with raised ceiling, a private kitchen and dining room, a dedicated package room with automated lockers for residents to retrieve packages 24/7, a resort inspired ‘L’ shaped outdoor swimming pool allowing both leisure and lap swimming, an outdoor patio with firepit and natural gas fired grills, and a multi-function fitness center consisting of a cardio room, weight training center, and yoga/group exercise studio with on-demand video programs. An entertainment center will provide a billiard table, shuffle board table, work/study stations with desks, couches and cabanas, and Wi-Fi throughout the common areas. Other amenities will include electric car charging stations, covered carports, on-site management and maintenance, a dog wash station, and a bike sharing program. Additionally, the community will provide a walking trail to allow residents to walk along the beautiful Hockanum River which encompasses 9 towns and 72 square miles in northcentral Connecticut.
“We are so pleased to continue working with developer Jack Yang on this terrific project in Vernon,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The combination of fabulous amenities and great location will make this a very successful project.”
Talcottville Vernon Development, LLC is a Connecticut single asset limited liability company for the Trail Run Apartments project. Jack Yang, as Principal of Artisan Development LLC, is the 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 https://www.washtrust.com/.