Washington Trust finances Conn. project

WESTERLY – Washington Trust Co.’s Commercial Real Estate Group recently provided $4.3 million to a Massachusetts-based real estate firm to finance improves at a Connecticut apartment complex.
The deal is one in a handful Washington Trust has announced recently, as the Rhode Island bank continues to look for ways to expand its footprint into neighboring states.
The funds will go toward the refinancing and capital improvements of Fox Hill Commons, a 74-unit townhouse-style complex in Vernon, Conn., according to a press release.
The bank provided the funds to Taymil Vernon Portfolio LLC, a subsidiary of Taymil Partners LLC in Framingham, Mass., which specializes in real estate investment and management. Its portfolio exceeds 2,000 units in Rhode Island, Connecticut, Massachusetts and New Hampshire, according to the release.
Joseph J. MarcAurele, Washington Trust chairman, president and CEO in a statement lauded the Framingham-based company for its reputation.
“The Vernon property is another example of Taymil Partners’ reputation as one of the New England’s premier real estate investment firms,” MarcAurele said.
The apartment complex, built in 1965, is mixed-unit with 24 one-bedroom and 50 two-bedroom units, according to the release. The financing will go toward improving the energy efficiency, aesthetics, interior and common areas of the complex, according to the release.

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