Washington Trust refinancing New Haven housing

WEST HAVEN, Conn. – Westerly-based Washington Trust Bancorp this month announced a $2.1 million refinancing package for a University of New Haven off-campus student-housing complex.
Washington Trust’s commercial real estate group headed the refinancing deal with Savin Court Associates LLC for the multifamily rental complex in West Haven, Conn., comprising three buildings totaling 33 townhouse apartments currently leased by the University of New Haven, according to a press release.
The Rhode Island bank says the townhouse apartments are meeting a rising demand for off-campus housing, as the university has “experienced significant growth,” resulting in a shortage of student housing, according to the release. Savin Court Associates LLC is owned by Northside Development Co., a Connecticut-based real estate development.
“The demand for good quality student housing continues to grow and Northside has done a wonderful job of helping UNH meet this need,” said Julia Anne M. Slom, senior vice president and team leader of the bank’s commercial real estate group, in a statement.

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