Storrs, CT – Washington Trust’s Commercial Real Estate Group recently provided $13.9 million to Storrs Property Group/ Willington Property Group LLCs, for financing and the renovation of two student apartment complexes near the UConn Storrs Campus.
The 100-unit Cedar Ridge complex is conveniently located less than four miles from UConn at 43 and 60 Burt Latham Road in Willington, CT. The 40-unit Hunting Lodge complex is less than 1.5 miles from the campus, at 16 Hunting Heights Drive in Storrs, CT.
Property Manager, Yitz Rabinowitz, anticipates that with the updates, Cedar Ridge and Hunting Lodge will be the premier housing choice for UConn students.
“My experience working with Washington Trust with this process has been positive and seamless,” said Rabinowitz. “There is certainly a benefit to working with a community bank, and if I needed an answer or to discuss a business matter, I knew I could call and not have to wait.”
“Washington Trust is appreciative to do business with Storrs and Willington Property Groups,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust Commercial Real Estate Group. “The apartments are well-located to the UConn campus and are sure to be a valuable amenity for students.”
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.