Washington Trust Provides $21 Million to Readco Capital Advisors, LLC
September 10, 2020
Waterford, CT - September 10, 2020 - Washington Trust’s Commercial Real Estate Group recently provided $21 million to Readco Capital Advisors, LLC for the acquisition and re-development of the former Toys R Us building located on Dayton Rd. in Waterford. Readco Capital Advisors, LLC arranged a 15-year lease with Hartford Healthcare to fully occupy the new 70,500 square foot two-story state of the art medical facility.
The building is well-located and highly visible at the intersection of Route 85 and I-95. This stretch of Route 85 is highly developed, surrounded by the Crystal Mall and the nearby Home Depot, Target, Best Buy and many other national retailers and restaurants.
“We are pleased to have provided financing for our borrower who was able to secure a great site for a growing healthcare system in the Connecticut market,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The conversion was a great adaptive reuse of former big box retail space and will be a long-term asset to the surrounding community.”
Readco Capital Advisors is led by the firm’s principals, Mario DiLoreto, James Sylvia and Michael Lech, who bring over 80 years combined experience in structuring, implementing and operating real estate for users across multiple asset classes.
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 Bethany Lyons, Vice President, Commercial Real Estate Group, at 401.348.1538.
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/.