News: Front Section
Posted: March 24, 2017
Washington Trust provides $15.5 million financing for Mayfield Place, LLC
Julia Anne Slom, Washington TrustEnfield, CT Washington Trust’s Commercial Real Estate Group provided $15.5 million in financing to Mayfield Place, LLC, for the phase-two construction of 120 class A apartments at Mayfield Place, a 340-unit apartment project.
Mayfield Place is a three-phase construction project on a 69 acre property located between Hartford and Springfield, Mass. The first phase consisted of 100 units that are nearing completion, while the second phase of the project includes 120 units to consist of twelve, two-story buildings, each containing ten units. Half of the units will be 1,129 s/f, one-bedroom apartments with 1.5 baths, while the other half will include 1,448 s/f, two-bedroom apartments with 2.5 baths. Each unit will have its own entrance and a one or two-car garage and feature upscale finishes including granite countertops, stainless steel appliances and crown moldings. The property also offers a clubhouse, pool, fitness center, business center and additional tenant storage.
Mayfield Place - Enfield, CT“We are excited to finance the second phase of this successful project, which will, upon completion, fill a continued demand for rental housing in this conveniently located suburban community,” said Julia Anne Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group.
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 one of the oldest community banks 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.
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