Washington Trust Provides $13.5 Million In Financing For Off-Campus Student-Housing Complex Near UCONN

WESTERLY, R.I., Nov. 22, 2016 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $13.5 million in financing to Uniglobe Investment, LLC, for an off-campus student-housing complex in Mansfield, Connecticut, 10-15 minutes from the University of Connecticut campus.

The complex, Meadowbrook Garden Apartments, is separated into two parcels, located at 73 and 91 Meadowbrook Lane in Mansfield. The first phase of the project consisted of 50 new townhouse-style apartments, each with three bedrooms, an attached garage and approximately 1,500 square feet of space finished with granite countertops, stainless steel appliances and other amenities. Each of the 50-units are currently leased to UCONN students. The second phase of the project will consist of 36 flat-style apartments, including 12 one-bedroom units and 24 two-bedroom units. The property will also include a center green, gazebo and walking trail.

"Uniglobe Investment did a fantastic job of identifying both the need for student housing and a location to meet that need," said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust's Commercial Real Estate Group. "The project was ready to meet the incoming students last August and has been well received. Washington Trust is pleased to begin a relationship with this committed team."

"It's been a great pleasure working with the Washington Trust team to finance our development of the Meadowbrook Gardens Apartments," added Jack Yang, President of Uniglobe Investment, LLC. "We are very impressed by the professionalism, patience, cooperation and thorough understanding of the market demonstrated by the lending team."

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