A 12-unit apartment complex in Old Lyme will be repositioned to appeal to a new set of tenants following the receipt of $2.4 million in financing.

The Lyme Academy Apartments were, until recently, rented to Old Lyme Academy students. The building’s owner, an LLC, plans to reorient the property towards working professionals, families and retirees looking to downsize.

The units will be upgraded and renovated with new kitchens, bathrooms, and floors. Each apartment is a townhouse-style unit with a one-car garage. The complex is located in a residential neighborhood and adjacent to the Lyme-Old Lyme Middle School and High School. The neighborhood has highway access, situated less than a quarter mile from Interstate 95.

Washington Trust provided the financing.

“We are happy to expand our lending relationship with Lyme Academy Apartments, LLC,” Senior Vice President & Team Leader of Washington Trust Commercial Real Estate Group Julia Anne M. Slom said in a statement. “The new renovations combined with the proximity to local schools will make the apartments an asset to the Old Lyme community.”