Image courtesy of Readco Capital Advisors

A project looking to redevelop a former Toys ‘R’ Us location into a medical office complex has secured financing.

Readco Capital Advisors have inked a 15-year lease with Hartford Healthcare to fully occupy a new, 70,500-square-foot, 2-story building it’s constructed on the site on Dayton Road in Waterford.

Washington Trust said it is providing the 15-year $21 million loan, although detailed terms for the financing have were not disclosed.

The building is well-located and highly visible at the intersection of Route 85 and Interstate 95. This stretch of Route 85 is highly developed, surrounded by the Crystal Mall and the nearby Home Depot, Target, Best Buy and many other national retailers and restaurants.

“We are pleased to have provided financing for our borrower who was able to secure a great site for a growing healthcare system in the Connecticut market,” Washington Trust Senior Vice President Julia Anne M. Slom said in a statement. “The conversion was a great adaptive reuse of former big box retail space and will be a long-term asset to the surrounding community.”