SHELTON — Washington Trust’s Commercial Real Estate Group recently provided $4.2 million to Woodgreen Shelton LLC to finance a 46,000-square-foot office building at 375 Bridgeport Ave.
The three-story building — home to Webster Bank, among a dozen other businesses — is just off Route 8 at the northwest corner of Bridgeport Avenue and Nells Rock Road. The property is adjacent to Big Y, and the building was recently renovated with upgrades to the lobby and common areas, HVAC system, elevators, and roof.
“We are happy to expand our lending relationship with our existing client, Woodgreen Shelton LLC,” said Julia Anne M. Slom, senior vice president and team leader of Washington Trust Commercial Real Estate Group. “The office space is very well maintained and conveniently located in a retail area close to New Haven.”
Woodgreen Shelton is using the loan to refinance existing debt on the property, which the company has owned for some time. The loan was closed in December 2019.
Woodgreen Management Inc. provides commercial real estate investment and property management services for retail and office properties throughout southern New England.
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.