Washington Trust provides $13.5M for Meadowbrook Garden Apartments for UConn students

WESTERLY – The Washington Trust Co. last week announced a $13.5 million financing package for an off-campus student housing complex in Connecticut.
Washington Trust, a subsidiary of Washington Trust Bancorp Inc. of Westerly, provided the financing for Uniglobe Investment LLC, a real estate company owned by businessman Jack Yang. The money is earmarked for the Meadowbrook Garden Apartments in Mansfield, Conn., a complex about 10-15 minutes from the University of Connecticut campus.
“Uniglobe Investment did a fantastic job of identifying both the need for student housing and a location to meet that need,” said Julia Anne M. Slom, senior vice president and team leader of Washington Trust’s commercial real estate group. “The project was ready to meet the incoming students last August and has been well received. Washington Trust is pleased to begin a relationship with this committed team.”
The two-parcel complex comprises 50 new townhouse-style apartments – each currently leased to UConn students – and 36 flat-style apartments. It’s slated to have a center green, gazebo and walking area, according to a press release.
“It’s been a great pleasure working with the Washington Trust team to finance our development of the Meadowbrook Gardens Apartments,” Yang said in prepared remarks. “We are very impressed by the professionalism, patience, cooperation and thorough understanding of the market demonstrated by the lending team.”

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