Washington Trust’s
Commercial
Real Estate Group provided $6.9 million in construction
financing to Storrs Center Alliance, LLC for the construction of a
32,175 square foot Price Chopper Supermarket and a 5,000 square foot
stand-alone retail building in Mansfield, CT. The property is located in
downtown Mansfield, across from the University of Connecticut and is the
latest phase of the successful Storrs
Center project being developed by LeylandAlliance,
LLC.
“The property has great market potential and is located in an
especially attractive, high-traffic area near the University of
Connecticut,” said Joseph J. MarcAurele, Washington Trust Chairman,
President and CEO.
Leyland Alliance, LLC is a real estate development company focused
on the creation of mixed-used sustainable neighborhoods founded upon the
principles of New
Urbanism. Based in Tuxedo, NY the company develops
neighborhoods that highlight innovative construction and environmental
responsibility.
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, 401-348-1482 or 1-800-475-2265 ext. 1482.
Founded in 1800, Washington Trust is one of New England’s premier
financial services companies, providing commercial
banking, personal
banking, mortgage
banking, and wealth
management services to individuals and institutions
throughout the region. Our Commercial
Banking Group offers a full line of commercial and
industrial lending, commercial real estate, and cash management services
to borrowers throughout the Northeast. Our team of
experienced professionals are dedicated to providing customized,
comprehensive financing and personalized services. The Washington Trust
Company is a subsidiary of Washington
Trust Bancorp, Inc. (NASDAQ Global Select, symbol:
WASH).
Copyright Business Wire 2013