Essex Apartment Development Picking Up Steam
Essex: Construction of Essex Station a 52-unit apartment development is being financed by an $8.6 million loan from Washington Trust’s Commercial Real Estate Group, based in Westerly, RI.
The project a 52,000 square foot, complex will have 52 luxury units spread over three buildings at 21, 27 and 29 Plains Road, just past the tracks of the Essex Steam Train tourist attraction.. Sixteen units will be set aside as “moderate” income rental units Moderate income rentals must meet certain state regulated reduced rent income guidelines.
Ron Lyman, CCIM, CEO of Lyman Real Estate, announced the sale of three contiguous parcels of land totaling 3.75 acres to the buyer, and developer Essex Holdings LLC of Westport,
[Kevin Daley 606 Post Road East, Westport and Roger Thomas of 528 Naubuc Avenue, Glastonbury are the lead members of the relate LLCs].
Penny Parker of Lyman represented both the buyer and the sellers, Truehold Essex LLC, who held one parcel, and Costa Family LLC, who owned the other two. The total selling price was $1.35 million.