Dealmaker: Washington Trust Provides $32M for Multifamily, Retail

Washington Trust, Westerly, R.I, provided $31.5 million in financing for a 14-property multifamily portfolio and a retail center in Connecticut.

Washington Trust’s Commercial Real Estate Group lent $28.5 million to Hadley Inc., New Haven, Conn., which refinanced 14 properties in New Haven and West Haven, Conn. Julia Anne Slom, Senior Vice President and Team Leader in Washington Trust’s Commercial Real Estate Group, originated both financings.

The nine New Haven apartment buildings and five West Haven buildings totaled 383 units. Most were pre-war Class B buildings with hardwood floors and fireplaces.

Washington Trust’s Commercial Real Estate Group also provided $3 million to Norwalk-LIR LLC, a Connecticut limited liability company owned by Tartaglia Commercial Properties, Monroe, Conn.

Norwalk-LIR used the funds to refinance Norwalk Shopping Center in Norwalk, Conn. as well as to make tenant improvements to the property. Located on 2.1 acres at 585 Connecticut Ave. in in Norwalk’s largest commercial district, tenants in the 23,300-square-foot retail center include Golf Galaxy, American Steakhouse and Mattress Firm.