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Washington Trust Provides $4.3 Million in Financing for 74-Unit Apartment Community in Vernon, CT

WESTERLY, R.I., Feb. 13, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $4.3 million to Taymil Vernon Portfolio, LLC for the refinancing and capital improvements of Fox Hill Commons, a 74-unit townhouse style apartment community located in Vernon, CT.

Built in 1965, Fox Hill Commons is a mixed-unit apartment community featuring 24 one-bedroom and 50 two-bedroom units ranging in size from 715 to 770 square feet. Capital improvements to the property will include improvements in energy efficiency and aesthetic, interior and common area updates. Fox Hill Commons sits within a comfortable residential area of Vernon located a mile south of Interstate 84.

Taymil Partners LLC is a multifamily real estate investment and management company based in Framingham, Massachusetts. Taymil currently owns and manages an apartment portfolio in excess of 2,000 units comprised of properties in Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island.

"The Vernon property is another example of Taymil Partners' reputation as one of New England's premier real estate investment firms," said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer.

Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Suzanne Walsh Erno, Vice President, Commercial Real Estate Group, at 401-348-1492 or 800-475-2265 ext. 1492.

ABOUT WASHINGTON TRUST

Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, small business banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq:WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.

CONTACT: Anthony Nunes Marketing Department 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company