Washington Trust Provides $19.6 Million in Financing for the Construction of a Class-A Apartment Complex in East Providence, RI
March 21, 2018
March 21, 2018
East Providence, RI – Washington Trust’s Commercial Real Estate Group recently provided $19.6 million in financing to Kettle Point Apartments, LLC, for the construction of a 134 unit, Class-A apartment complex in East Providence, Rhode Island.
Located on a 6.61 acre site on Kettle Point Avenue, the property includes 65 one-bedroom units, 65 two-bedroom units and four three-bedroom townhouse units. Each luxury apartment will feature laminate countertops, ceramic tiled bathrooms, 42” kitchen cabinets, crown molding, stainless steel appliances and laundry machines as well as vinyl plank wood flooring in the kitchen and carpeting in the living areas. Onsite amenities will include a clubhouse with a tenant lounge area and yoga room, an outdoor swimming pool and fitness center. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest.
“Washington Trust is very excited to be involved with this fabulous project,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The views from this location, combined with the proximity to Providence and its wonderful units and amenities, make this a one of a kind property for the area.”
Kettle Point Apartments, LLC, is a single asset limited liability company established for the sole purpose of developing the Kettle Point Avenue property.
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 Laurel Bowerman, Vice President & Market Leader, Commercial Real Estate Group, at 401-348-8247 or 1-800-475-2265 ext. 8247.
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/.