News Column

Washington Trust Provides $12.8 Million in Financing for 340 Luxury Apartment Units in Enfield, CT

July 5, 2014

By a News Reporter-Staff News Editor at Investment Weekly News -- Washington Trust'sCommercial Real Estate Group recently provided $12.8 million in financing to Mayfield Place, LLC for the first phase of construction on 340 Class-A one and two-bedroom luxury apartment units in Enfield, CT.

Phase-one of the project will include the construction of 10 two-story buildings, each with ten luxury apartment units. Half of the units will be one-bedroom apartments with 1,098 square feet of space and 1.5 bathrooms while the other half will be two-bedroom apartments with 1,646 square feet of space and 2.5 bathrooms. Amenities will include garages, a clubhouse and leasing office, pool, fitness and business centers and tenant storage areas. The apartment units are to be built in convenient proximity to I-91, on a 69-acre parcel located at North Maple Road and Mayfield Drive in Enfield. Set between the two major employment centers of Hartford, CT and Springfield, MA, and very near to Bradley International Airport, Enfield offers an attractive location for commuters across the region.

"Enfield's setting in relation to Hartford makes it an ideal location to draw employees from major Hartford businesses," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "With apartment vacancy rates on the decline and limited new apartment product in the area, these new units are poised to be quickly absorbed."

Washington Trust'sCommercial 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 M. Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 800-475-2265 ext. 1482. ABOUT WASHINGTON TRUSTFounded in 1800, Washington Trust is one of New England's premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH).

Keywords for this news article include: Real Estate, Washington Trust, Investment and Finance.

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Source: Investment Weekly News

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