Waterford, CT – Washington Trust’s Commercial Real Estate Group recently provided $21 million to Readco Capital Advisors, LLC for the acquisition and re-development of the former Toys R Us building located on Dayton Road in Waterford, CT.
Readco Capital Advisors, LLC arranged a 15-year lease with Hartford Healthcare to fully occupy the new 70,500 square foot two-story state of the art medical facility.
The building is well-located and highly visible at the intersection of Route 85 and I-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,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The conversion was a great adaptive reuse of former big box retail space and will be a long-term asset to the surrounding community.”
Readco Capital Advisors is led by the firm’s principals, Mario DiLoreto, James Sylvia and Michael Lech, who bring over 80 years combined experience in structuring, implementing and operating real estate for users across multiple asset classes.
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.