WESTERLY – Washington Trust’s Commercial Real Estate Group has provided $10.4 million in financing to Taymil Partners LLC for two multifamily projects in East Providence, the bank announced May 27.
The bank provided $5.6 million to acquire The Landings on the Trail Apartments, a 106-unit complex of one- and two-bedroom units off Wampanoag Trail. Renovations to the complex in recent years include a swimming pool, barbecue area, fitness center, laundry and residents lounge.
Washington Trust provided $4.8 million in financing for the acquisition of East Shore Apartments, a 90-unit complex of one- and two-bedroom apartments with features that include a clubhouse, fitness rooms, swimming pool and laundry.
The two properties are within minutes of downtown Providence, a significant advantage, said Washington Trust Chairman and CEO Joseph J. MarcAurele.
“With Providence positioned as such a dynamic and creative city, both The Landings on the Trail and East Shore Apartments are poised to gain from the areas high demand and occupancy,” said MarcAurele.
Taymil Partners is a multifamily real estate investment and management company headquartered in Framingham, Mass. Both The Landings on the Trail and East Shore Apartments were purchased from the Mount Vernon Group and mark the first investment in the Providence market for Taymil Partners.