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Washington Trust Provides $4.125MM for New Haven Retail Property

November 17, 2014, 07:07 AM
Filed Under: Real Estate

Washington Trust's Commercial Real Estate Group recently provided $4.125 million to Metro 254, LLC and Metro 260, LLC to finance the acquisition and renovation of a mixed-use retail property and parking garage in New Haven, CT. The properties, both located on Crown Street, reside in the Entertainment District of Downtown New Haven, within walking distance of Yale University and Yale New Haven Hospital. Combined, the properties consist of 10,840 square feet of retail space and a 120-car parking garage. Two longtime New Haven restaurants, 'Bar,' and 'Aladdin Crown Pizza,' currently occupy the retail space.

"New Haven is a vibrant city enriched by a growing bio-tech industry," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "With its proximity to Yale University and Yale New Haven Hospital, these properties are well-positioned to benefit from that growth."

Metro 254, LLC and Metro 260, LLC are borrowing entities of Metro Star Capital, LLC, a Connecticut Real Estate Development company founded by Robert Smith.

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.

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.

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