Washington Trust Provides $39.6 Million in Financing for Construction of Trumbull Lofts Apartment Complex in Trumbull, CT
September 05, 2018
September 5, 2018
Trumbull, CT – Washington Trust’s Commercial Real Estate Group recently provided $39.6 million in financing to Trumbull Developers, LLC, for the development and construction of Trumbull Lofts, a 202-unit, class-A apartment complex in Trumbull, Connecticut.
Included within the 202 units of Trumbull Lofts will be 119 apartments with two bedrooms and two bathrooms and 83 one bedroom apartments with one bathroom. The apartments are located among five separate four-story buildings. Amenities of Trumbull Lofts will include a resort-inspired pool and deck with wi-fi, an outdoor lounge, fire pit and community grill, a catering kitchen, fitness facility, dog washing station, loaner bicycles and a spacious clubhouse.
“Continental Properties has a true knack for building multifamily properties that deliver unexpected extras,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The designs are beautiful and well thought out and the amenities are unsurpassed. I think what differentiates them is the attention to detail. We are very pleased to continue working with Howard Rappaport and his team.”
“We were excited by the opportunity to work with Washington Trust on this important development,” said Howard S. Rappaport, a principal at Continental Properties. “Their execution of this construction financing has been timely and very professional, and it continues to be a pleasure working with Julia Anne Slom, Mary Ettinger and the team at Washington Trust.”
Trumbull Developers, LLC, is a single asset limited liability company of Continental Properties, a privately owned real estate firm which has actively built over 25,000 homes and residential residences throughout New Jersey, New York, Florida, Connecticut, California and other locations across the United States.
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 Mary Ettinger, Vice President, Commercial Real Estate Group, at 401-348-1415 or 1-800-475-2265 ext. 1415.
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/.