Washington Trust provides $2.178 million financing

Pawtucket, RI Washington Trust’s commercial real estate group provided $2.178 million in financing to Evergreen Street Apartments, LLC for the acquisition of four multifamily properties.

 All four properties are located within walking distance of one another, three on Evergreen St. and one on Liberty St.

The three buildings at 251, 265 and 383 Evergreen St. each contain 12 dwelling units and were constructed in 1965. The fourth property, at 212 Liberty St., contains 6 dwelling units and was constructed in 1964. Combined, the four-property portfolio includes more than 57,100 s/f featuring 29 two-bedroom units and 13 one-bedroom units. The properties are brick, garden style buildings, each with coin-operated laundry and off street parking. All four buildings are located in the Darlington section, in close proximity to Newport Ave.

“Washington Trust provided excellent service with timely responses to our needs,” said John Cooper, president and chief operating officer of Ferland Corporation. “The process was seamless thanks to their experienced, professional commercial lending team.”

 “Ferland are strong, experienced multifamily operators and we certainly appreciated the opportunity to expand our relationship with them with this new loan,” said Julia Anne Slom, senior vice president & team leader of Washington Trust’s commercial real estate group.