Waterford, CT – Washington Trust’s Commercial Real Estate Group recently provided $21 million to Readco Capital Advisors, LLC for the acquisition and re-development of the former Toys R Us building located on Dayton Rd. in Waterford.
Readco arranged a 15-year lease with Hartford Healthcare to fully occupy the new 70,500sf two-story state of the art medical facility.
The building is well-located and highly visible at the intersection of Route 85 and I-95, a highly developed, stretch surrounded by the Crystal Mall and the nearby Home Depot, Target, Best Buy and many other national retailers and restaurants.
“We are pleased to have provided financing for our borrower who was able to secure a great site for a growing healthcare system in the Connecticut market,” said Julia Anne M. Slom, senior VP & team leader of Washington Trust’s Commercial Real Estate Group. “The conversion was a great adaptive reuse of former big box retail space and will be a long-term asset to the surrounding community.”
