Washington Trust Provides $3.3 Million in Financing for Construction of Two-Tenant Retail Property in Old Saybrook, CT
February 01, 2019
February 1, 2019
Old Saybrook, Connecticut – Washington Trust’s Commercial Real Estate Group recently provided $3.3 million to 923 Boston Post Road Associates, LLC, for the construction and financing of two free-standing retail sites in Old Saybrook, Connecticut. Site improvements will include the construction of a one-story, approximately 15,000 square-foot retail building to be leased by retail garden center, Agway, and an approximately 2,000 square-foot pad site for a Dunkin Donuts store. The property is part of the Oyster River Shopping Center, located on Boston Post Road, CT US Route 1, in Old Saybrook.
“This is a fabulous project bringing some important retail to the lovely town of Old Saybrook, with a design that is appropriate and in keeping with the area,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We are very pleased to be working with Mr. Izzo on this project.”
923 Post Road Associates, LLC is a Connecticut single asset limited liability company of Anthony F. Izzo Commercial Real Estate Development and Management.
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/.