News: Front Section
Posted: June 17, 2016
Washington Trust provides $10 million for two residential properties
West Haven, CT Washington Trust’s Commercial Real Estate Group provided $4.7 million to Forest Hills Place LP and $5.3 million to Elm Regency LP for the refinancing and capital improvements of two apartment buildings.
Julia Anne Slom, Washington TrustForest Hills Apartment Complex, the first of the two properties, consists of four, 3-story walk-up buildings containing 88 apartment units located on a 2.81 acre site. As a result of its close proximity to the University of New Haven, within a half-mile from the campus, the university leases the property for use as student housing. The second property, Elm Regency, consists of a 4-story, 88-unit apartment complex on a 1.77 acre site. The Elm Regency property is located .25-miles east of the central business district.
“Washington Trust is actively lending in Connecticut and in particular the markets in and around New Haven,” said Julia Anne Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group. “We are pleased to help finance a product that will fill a strong need for well-maintained housing in a high-demand market.”
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.
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 andtrust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
