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BankRI Provides $5.57 Million Financing to WSCHB, LLC for Construction of Medical Office Building in Westerly

PROVIDENCE, R.I. – Bank Rhode Island (BankRI) announced today that its Commercial Real Estate Division recently financed a $5.57 million construction loan for WSCHB, LLC to assist with the acquisition and development of nearly 4 acres of land in Westerly.

BankRI’s loan to WSCHB, LLC, an East Greenwich-based real estate holding company, will help support the construction of a 30,000 square foot multi-tenanted medical office facility located at 268 Post Road in Westerly.  The project is being developed, constructed and managed by John K. Greim, Jr., Managing Partner of WSCHB, LLC. The site will be developed into the Westerly Medical and Wellness Center. Two of the building’s major tenants include South County Health and Orthopedics Rhode Island.

“This is an exciting project that will turn a vacant lot into medical facility that will serve as an important resource for residents across southern Rhode Island,” said Keb Brackenbury, Senior Vice President of Commercial Real Estate Lending for BankRI. “We’re pleased to have had the opportunity to work with WSCHB, LLC and help get this project started.”

Keb Brackenbury, Senior Vice President of Commercial Real Estate Lending for BankRI facilitated the transaction.

BankRI’s Commercial Real Estate Division provides financing for the construction, refinancing, or purchasing of investment real estate projects. For more information, contact Keb Brackenbury at (401) 574-1615.

 

About Bank Rhode Island

Bank Rhode Island, a wholly owned subsidiary of Brookline Bancorp, Inc. (NASDAQ:BRKL), is a full-service, FDIC-insured financial institution headquartered in Providence, Rhode Island.  The bank operates 19 branches and more than 55 ATMs throughout Providence, Kent and Washington Counties. For more information, visit www.BANKRHODEISLAND.com. You can also find BankRI on Facebook atwww.Facebook.com/BankRhodeIsland.

 

 

 

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