Washington Trust Provides $10.4 Million in Financing for Multifamily Portfolio in East Providence, RI

Washington Trust’s Commercial Real Estate Group recently provided $5.6 million in financing to Taymil Partners, LLC to acquire The Landings on the Trail Apartments and $4.8 million in financing to acquire East Shore Apartments, both located in East Providence, RI.

The Landings on the Trail consists of 106 1-2-bedroom units within a two-building apartment community off of Wampanoag Trail in East Providence. The property has undergone extensive upgrades in recent years, adding amenities including a new residents lounge and fitness center, laundry, swimming pool with an adjacent barbecue area, a six-hole putting green, professionally landscaped grounds, designated outdoor pet areas and elevators. Just two-miles away, East Shore Apartments consists of 90 1-2 bedroom units within a three-building apartment community featuring a clubhouse, grand common-areas, fitness room, swimming pool, laundry, parking and on-site staff. Both properties are within minutes of downtown Providence.

“With Providence positioned as such a dynamic and creative city, both The Landings on the Trail and East Shore Apartments are poised to gain from the areas high demand and occupancy,” said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer.

Taymil Partners is a multifamily real estate investment and management company headquartered in Framingham, MA. Both The Landings on the Trail and East Shore Apartments were purchased from the Mount Vernon Group and mark Taymil Partners’ first investment in the Providence, RI market.

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 Suzanne Walsh Erno, Vice President, Connecticut Commercial Real Estate Group, at 401-348-1492 or 800-475-2265 ext. 1492.

ABOUT WASHINGTON TRUST

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 OMX®: WASH).