Washington Trust Provides $8.6 Million in Financing for Construction of 52-Unit Rental Community in Essex, CT
May 26, 2017
May 26, 2017
Essex, CT – Washington Trust’s Commercial Real Estate Group recently provided $8.6 million in financing to 21 Plains, LLC, 27 Plains, LLC and 29 Plains, LLC, for the construction of Essex Station Apartments, a 3-building, 52-unit luxury rental community with a moderate income component in Essex, Connecticut. The property is comprised of 51,976 square feet of rentable space which includes 30 one-bedroom and 22 two-bedroom garden apartments.
Located at 21, 27 and 29 Plains Road in Essex, the property is in close proximity to both CT Route 9 and Interstate 95.
“Essex Station Apartments, with its high quality construction and finish and the accompanying amenities, will meet a demand in the Essex community that is not currently being met by nearby properties,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “Washington Trust is excited to be a part of this transformative project.”
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 401-401-1482 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 www.washtrust.com.