ESSEX, Conn. – The Washington Trust Co.’s real estate division recently provided $6.8 million to finance a 52-unit rental community in Essex, Conn.
The Westerly-based bank provided the financing package to 21 Plains LLC, 27 Plains LLC and 29 Plains LLC to construct the real estate development dubbed “Essex Stations Apartments.”
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“Essex Station Apartments, with its high-quality construction and finish and the accompanying amenities, will meet a demand in the Essex community that is not currently being met by nearby properties,” said Julia Anne M. Slom, senior vice president and team leader of Washington Trust Commercial Real Estate Group. “Washington Trust is excited to be part of this transformative project.”
The development comprises three buildings with 52 rental apartments. The units are targeting moderate-income individuals and families. The 51,976 square feet includes 30 one-bedroom apartments and 22 two-bedroom apartments.
Washington Trust is a subsidiary of Washington Trust Bancorp Inc., and the second-largest Rhode Island-based bank.
Eli Sherman is a PBN staff writer.
