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Real Estate Financial Services Washington Trust
May 25, 2010: Washington Trust’s Commercial Real Estate Group recently provided $723,750 in financing to Mystic Drawbridge Holdings I, LLC, of Mystic, CT., for the refinancing of the property and to fund renovations and improvements of the second floor into two residential apartments in the former Odd Fellow Building located at 11-13 Cottrell Street in the heart of the downtown Mystic, CT historical district. The building is situated across the street from the Mystic River Park with the upper three floors having beautiful views of the Mystic River and the Historic Mystic Drawbridge.
Originally constructed in 1914 as the Odd Fellow Building, it was modernized in 1969, and more recently improved as a 9,400 square foot four-story mixed use building. Situated on 0.13 acres, each of the first three floors houses approximately 2,500 square feet, while the proposed fourth floor will stand at 1,900 square feet. The newly renovated first floor provides 2,000 square feet of retail consisting of four units each containing approximately 500 square feet each. The three upper floors contain 6,100 square feet of net living space currently undergoing renovation for five residential apartments.
“We wish Mystic Drawbridge Holdings the best of success with their renovation plans for this historic property located in downtown Mystic, CT–a quintessential New England town.” said Joseph J. MarcAurele, Washington Trust President and Chief Executive Officer.”
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.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.9 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Southeastern Connecticut and Massachusetts.
SOURCE: Washington Trust
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Washington Trust Finances Mystic Drawbridge Holdings is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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