WESTERLY, R.I.--(BUSINESS WIRE)--Washington Trust’s Commercial Real Estate Group provided $6.9 million in construction financing to Storrs Center Alliance, LLC for the construction of a 32,175 square foot Price Chopper Supermarket and a 5,000 square foot stand-alone retail building in Mansfield, CT. The property is located in downtown Mansfield, across from the University of Connecticut and is the latest phase of the successful Storrs Center project being developed by LeylandAlliance, LLC.
“The property has great market potential and is located in an especially attractive, high-traffic area near the University of Connecticut,” said Joseph J. MarcAurele, Washington Trust Chairman, President and CEO.
Leyland Alliance, LLC is a real estate development company focused on the creation of mixed-used sustainable neighborhoods founded upon the principles of New Urbanism. Based in Tuxedo, NY the company develops neighborhoods that highlight innovative construction and environmental responsibility.
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. For more information, contact Timothy Pickering, Senior Vice President, Commercial Real Estate Group, 401-348-1482 or 1-800-475-2265 ext. 1482.
Founded in 1800, Washington Trust is one of New England’s premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc. (NASDAQ Global Select, symbol: WASH).