Washington Trust loans $12M to revamp Conn. office high-rise

NEW HAVEN, Conn. – The commercial real estate arm of The Washington Trust Co. recently provided $12 million in financing to a Connecticut company to recapture and improve a high-rise office building in New Haven, Conn.
The financing package will go to 195 Church Street Associates, a limited liability company managed by the commercial real estate firm Northside Development Co., based in New Haven.
The funding will be used for a multitenant, 246,495-square-foot office in the downtown area. The building is currently leased to several outfits, including New York-based First Niagara Bank.
The funding will go toward renovating the lobby and bathrooms, along with installing energy-efficient windows.
“Northside is an existing client of Washington Trust and we are very pleased to assist them in acquiring and renovating this prominent New Haven property,” said Julia Anne M. Slom, senior vice president and team leader of Washington Trust’s Commercial Real Estate Group. “The upgrades that they have planned for the lobby in particular will create wonderful visibility and an attractive streetscape, positioning the property for future success.”
Washington Trust is based in Westerly.
“Washington Trust accommodated our need for multi-tranche real estate financing,” said Paul Denz, founder and president of Northside. “The loan structure enables us to complete tenant fit-up, as well as embark on a capital improvement plan.”

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