Rhode Island lender Washington Trust said it has provided refinancing to the developer of a Rocky Hill apartment property.
Washington Trust said its commercial real estate group has provided a $27-million loan to Rocky Hill Properties LLC, to refinance its 144-unit apartment property, known as The Alterra, at 11 Kensington Lane and 647 Brook St.
Rocky Hill Properties LLC is controlled by the principals of New York City-based Continental Properties, which developed the apartment complex.
Rocky Hill Properties purchased the land in 2012 for almost $3.5 million, and the complex was built in 2013. It now has a total appraised value of $19 million, according to town records.
The Alterra complex has 54 one-bedroom, one-bath units, and 90 two-bedroom, two-bath units, across five, three-story buildings set on 9.8 acres.
Amenities include a pool, outdoor lounge, fire pit, community grill, fitness center, dog washing station, loaner bicycles, and a 2,727-square-foot clubhouse.
