Washington Trust Provides $28.5 Million in Commercial Financing for 14-Property Multi-Family Portfolio in New Haven and West Haven, CT

NEW HAVEN, Conn., June 13, 2019 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $28.5 million to Hadley, Inc., for the refinancing of a 14-property multi-family portfolio located across New Haven and West Haven, Connecticut. The 14 buildings in the portfolio consist of a total of 383 units. The properties, which include nine in New Haven and five in West Haven, are mostly pre-war, class-B buildings featuring hardwood floors, fireplaces and fine detailed moldings characteristic of the era.

"We have dealt with some larger banks the last few years, and Washington Trust was a welcome relief with excellent personal service and prompt responses throughout the process," said Allen Hadelman, President of Hadley, Inc. "Tim Pickering, our lending officer at the Bank, was very knowledgeable of the area and a pleasure to work with."

"Washington Trust is appreciative of the opportunity to do business with Hadley, one of New Haven's premier multifamily owners," said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust's Commercial Real Estate Group. "The properties are immaculate, with lovely character, and are extremely well located throughout the greater New Haven market."

Since 1977 Hadley, Inc. has been meeting the needs of renters in the New Haven, Westville, and West Haven areas, catering, among others, to many connected with Yale University, its hospitals, and to many working in downtown New Haven, Westville, and West Haven.

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.

ABOUT WASHINGTON TRUST^®
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/.

SOURCE Washington Trust