Washington Trust Provides $8.6 M to Essex Station Apartments; CT Rental Community Long Proposed

WESTERLY—Washington Trust’s Commercial Real Estate Group recently provided $8.6 million in financing to 21 Plains, LLC, 27 Plains, LLC and 29 Plains, LLC, for the construction of Essex Station Apartments in Essex, Connecticut. The plans for the complex involve a 3-building, 52-unit luxury rental community with a moderate income component. The property is comprised of 51,976 square feet of rentable space, which includes 30 one-bedroom and 22 two-bedroom garden apartments.

The uniqueness of the project motivated Washington Trust’s involvement. “Washington Trust is excited to be part of this transformative project ... Essex Station Apartments, with its high-quality construction and finish and the accompanying amenities, will meet a demand in the Essex community that is not currently being met by nearby properties,” noted Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.

In addition to the project’s design, its location also makes it a viable investment. Located at 21, 27 and 29 Plains Road in Essex, the property is in close proximity to both CT Route 9 and Interstate 95.

Julia Anne M. Slom