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Washington Trust Provides $12.5 Million in Financing for Off-Campus Student Housing Complex Adjacent to the University of Connecticut

WESTERLY, R.I., May 11, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group (NASDAQ:WASH) recently provided $12.5 million to Celeron Square Associates, LLC, for the refinancing of an off-campus student housing complex adjacent to the University of Connecticut in Storrs, Connecticut.

Located at 180 Hunting Lodge Road in Storrs, the apartment complex, known as Celeron Square Apartments, was built between 1985-1987. The complex consists of 22 buildings containing 160 garden-style apartment units, with 416 beds, on a 20-acre parcel. Each building contains eight units, four per floor. The mix of units includes 40 one-bedroom units containing 80 beds, 56 two-bedroom units containing 144 beds and 64 three-bedroom units containing 192 beds. There is on-site parking for 320 vehicles. A private pathway leading from the complex to the University of Connecticut campus distinguishes Celeron Square Apartments as one of the area’s closest off-campus housing facilities.

“Housing at the campus has always been in strong demand and this strategically located property serves the college community extremely well,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.

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 and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage 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.

MEDIA CONTACT: Tony Nunes Public Relations 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company