Washington Trust Provides $1 Million in Construction Financing for Subdivisions in Lisbon & Groton, CT
WESTERLY, R.I., Feb. 09, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $1 million to Tucker Development Group, LLC for the construction financing of single-family homes in subdivisions located in Lisbon and Groton, CT.
In Lisbon, CT, the construction will consist of five types of single-family homes set within a new 32-lot residential subdivision known as Barber Farm. Each lot varies in size from one to five acres. In Groton, CT, the homes are being built within Mill Pond Estates, a new 10-lot subdivision located in close proximity to downtown Groton, the Groton Naval Base, and Pfizer.
“Tucker Development is a strong housing developer and we are very pleased to finance such well located residential projects with them,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.
Tucker Development Group, LLC was formed in 2006 as a land development company specializing in land subdivision for residential development, focusing on the southern portion of the Rt. 395 corridor in Eastern Connecticut, from Groton to Norwich in New London County.
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 Catherine R. Fusco, vice president, Commercial Real Estate Group, at 401-348-1681 or 800-475-2265 ext. 1681.
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