NEW HAVEN, Conn., Dec. 07, 2017 (GLOBE NEWSWIRE) — Washington Trust’s Commercial Real Estate Group recently provided $9.8 million in financing to Route 34 Phase I, LLC, for the refinancing of a recently constructed Rite Aid Pharmacy and the completion of a 10,000 square-foot retail building in downtown New Haven, Connecticut.
Located on Legion Avenue/Martin Luther King Boulevard (Rt. 34), the property benefits from being on a busy thoroughfare just two blocks from Yale New Haven Hospital in downtown New Haven. The Rite Aid Pharmacy building is comprised of 14,578 square feet of space and was completed in 2016. The new building being constructed on the property will be home to The Learning Experience, one of the nation’s largest for-profit providers of childcare and early childhood development services.
“This was a great opportunity to expand our relationship with Leyland Alliance,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The tenancy will fill a strong demand in the New Haven market, and we are excited to be a part of it.”
“Washington Trust has been a creative and supportive financing partner for LeylandAlliance through multiple projects,” said Howard Kaufman of LeylandAlliance. “We value our relationship and look forward to working on more new projects in the future.”
Route 34 Phase I, LLC is a single asset limited liability company of LeylandAlliance, a New York mixed-use developer with retail and office projects in New York, Connecticut, and North Carolina.
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, at 401-348-1482 or 1-800-475-2265 ext. 1482.
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Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ:WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.
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