CHESHIRE, Conn., Aug. 16,
2023 /PRNewswire/ -- Washington Trust's Commercial
Real Estate Group recently provided $17.6
million in financing to Cheshire Industrial Owner, LLC for
the acquisition of a 318,000 square foot warehouse distribution
facility located at 475 Knotter Drive in Cheshire, Connecticut.
"The subject's proximity to both I-84 and I-91, its clear height
of 32', wide open layout and dock doors at both ends of the
building, make it an attractive location for logistics companies
with large warehousing and distribution requirements,"
said Julia Anne M. Slom,
Washington Trust's Executive Vice President & Chief Commercial
Real Estate Officer. "The US Industrial and logistics market
fundamentals continue to remain strong with continued demand for
well-located and functional properties."
The sponsorship comes from a joint venture between Rabina
Properties and Wharton Industrial. Founded in 1979 and based in
New York, Rabina Properties is a
family-owned real estate investment and development firm, which has
owned more than 30 million square feet of residential, office,
retail, and industrial assets throughout the U.S. Wharton
Industrial, an affiliate of Wharton Equity Partners, is an
investment firm which has been involved in $2.58 billion in transactions as a real estate
owner, developer, and operator.
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. For more information, contact Bethany Lyons, Vice President, Commercial Real
Estate Group, at 401-348-1538.
ABOUT WASHINGTON
TRUST®
Founded in 1800, Washington
Trust is the oldest community bank in the nation and one of
the Northeast's premier financial services companies. Washington
Trust offers a full range of financial services, including
commercial banking, mortgage banking, personal banking and wealth
management and trust services through its offices located in
Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is
a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ:
WASH). (Additional information on Washington Trust and its
subsidiaries can be found at washtrust.com.)
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SOURCE The Washington Trust Company