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By PBN Staff
By PBN Staff
WESTERLY – Washington Trust’s Commercial Real Estate Group has provided $5.25 million in financing to Residences at Garden City LLC for the purchase of the Garden City Apartments residential complex in Cranston, the bank announced Monday.
The complex consists of seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units across 5.16 acres of land.
“This apartment complex offers the great amenities of the Garden City area,” said Joseph J. MarcAurele, Washington Trust chairman, president and CEO, in a release. “Located 10 minutes outside of Providence and within close proximity to Interstate 95, Route 295, and Route 2, it is also convenient base for commuters.”
The property, built in 1948, sits adjacent to the northern end of Garden City Shopping Center. Apartment residents will enjoy convenient walking-distance access to the shopping center retail stores and receive discounts on select restaurants at the center, according to a Washington Trust release announcing the purchase.
Other resident amenities include the use of an on-site conference room for events and meetings and prime seating at Garden City Shopping Center concerts.
Washington Trust’s Commercial Real Estate Group provides commercial real-estate mortgages for the construction, refinancing or purchasing of investment real estate projects, ranging from several hundred thousand dollars up to multi-million dollar projects.