Two West Haven apartment complexes were recently refinanced and improved with $10 million in financing from Washington Trust.
The bank’s commercial real estate group provided $4.7 million to Forest Hills Place Limited Partnership and $5.3 million to Elm Regency Limited Partnership to refinance and make capital improvements to their respective properties.
Forest Hills Apartment Complex, the first of the two properties, consists of four, 3-story walk-up buildings containing 88 apartment units located on a 2.81-acre site. The University of New Haven leases the property for use as a student housing, given its proximity to the campus.
The second property, Elm Regency, consists of a 4-story, 88-unit apartment complex on a 1.77-acre site located approximately 0.25-miles east of West Haven’s central business district.
“Washington Trust is actively lending in Connecticut and in particular the markets in and around New Haven,” Julia Anne M. Slom, senior vice president and team leader of Washington Trust’s Commercial Real Estate Group, said in a statement. “We are pleased to help finance a product that will fill a strong need for well-maintained housing in a high-demand market.”