Washington Trust Provides $3 Million in Financing for 66-Unit Apartment Building in Middletown, CT

April 27, 2017

Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided $3 million to Woodrow Wilson Middletown, LLC, for the refinancing of Woodrow Wilson Apartments, a 4-story, 66-unit apartment building in Middletown, Connecticut.

Woodrow Wilson Apartments consists of a mix of studio, one-bedroom and two-bedroom units. Originally constructed as a school in 1931, the building was converted to apartments in 1985 and has since undergone extensive renovations including new windows, kitchens and bathrooms throughout. Located at 339 Hunting Hill Ave. in Middletown, the property benefits from the town’s close proximity to Hartford and New Haven, both major employment centers of the region.

“Washington Trust is pleased to start a relationship with the Rak family, who have owned the Woodrow Wilson apartment property for many years,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “Under their stewardship, the unique building has been meticulously cared for and the character of the original school maintained.”

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 Pickering, Senior Vice President, Commercial Real Estate Group, at 401-401-1482 or 1-800-475-2265 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.