Lyme Academy Apartments, LLC Receives $2.4 Million in Financing from Washington Trust to Appeal to New Audience

January 28, 2020 - Washington Trust’s Commercial Real Estate Group recently provided $2.4 million to Lyme Academy Apartments, LLC, for renovations and permanent financing of a 12-unit apartment complex at 77 Lyme St., Old Lyme. The apartments will no longer be rented to Old Lyme Academy students, and will appeal to working professionals, families, and retirees looking to downsize.

The units will be upgraded and renovated with new kitchens, bathrooms, and floors. Each unit is a townhouse style with a one-car garage. The complex is located in a residential neighborhood and adjacent to the Lyme-Old Lyme Middle School and High School. The neighborhood has great highway access, situated less than a quarter mile from I-95.

“We are happy to expand our lending relationship with Lyme Academy Apartments, LLC,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust Commercial Real Estate Group. “The new renovations combined with the proximity to local schools will make the apartments an asset to the Old Lyme community.”

“Working with Washington Trust has been a complete pleasure,” said Property Owner Gary Eucalitto. “They gave immediate attention to my pre and post- closing items and the transactions were a seamless process.”

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 Kevin Hanrahan, Vice President, Commercial Real Estate Group at 401-348-1354, or kmhanrahan@washtrust.com.

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 https://www.washtrust.com/.