WESTERLY, R.I., June 17, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $2.1 million to Savin Court Associates, LLC for the refinancing of 783 Savin Avenue, a 1.93 acre, multifamily rental complex in West Haven, CT. 783 Savin Avenue consists of three separate buildings which include a total of 33 townhouse apartments currently leased as student housing by the University of New Haven.
Each of the townhouse apartments is a fully furnished, two bedroom unit with around 852 square-feet of living space. The apartments include a living room, dining room and kitchen on the first floor and two bedrooms and a full bathroom on the second floor. Over the years, the University of New Haven has experienced significant growth and a resulting shortage of student housing. Properties like 783 Savin Avenue enable the University to offer students controlled, off campus housing with rents comparable to charges for dorm rooms on campus.
"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 & Team Leader of Washington Trust's Commercial Real Estate Group.
Savin Court Associates, LLC is owned by Northside Development Co., a Connecticut based real estate development company concentrating in the New Haven market.
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 Timothy M. Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 800-475-2265 ext. 1482.
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.
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Source:The Washington Trust Company