Washington Trust provides $17.6 million in financing to Cheshire Industrial Owner, LLC

Rhea-AI Summary

Washington Trust's Commercial Real Estate Group has provided $17.6 million in financing to Cheshire Industrial Owner, LLC for the acquisition of a 318,000 square foot warehouse distribution facility in Cheshire, Connecticut. The facility's location and features make it attractive for logistics companies. The US industrial and logistics market continues to have strong demand for well-located properties.

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

FAQ

Who provided financing for the acquisition of the warehouse distribution facility in Cheshire?

Washington Trust's Commercial Real Estate Group provided the financing.

How much financing did Washington Trust provide?

Washington Trust provided $17.6 million in financing.

What are the attractive features of the facility?

The facility's proximity to I-84 and I-91, clear height of 32', wide open layout, and dock doors at both ends make it attractive for logistics companies.

What is the current demand for well-located properties in the US industrial and logistics market?

The US industrial and logistics market continues to have strong demand for well-located properties.

Who are the sponsors of the joint venture involved in the acquisition?

The sponsors of the joint venture are Rabina Properties and Wharton Industrial.

What is Rabina Properties' background?

Rabina Properties is a family-owned real estate investment and development firm based in New York. They have owned over 30 million square feet of residential, office, retail, and industrial assets throughout the US.

What is Wharton Industrial's involvement in real estate?

Wharton Industrial, an affiliate of Wharton Equity Partners, is an investment firm involved in real estate as an owner, developer, and operator. They have been involved in $2.58 billion in transactions.

What types of real estate projects does Washington Trust's Commercial Real Estate Group finance?

Washington Trust's Commercial Real Estate Group provides financing for the construction, refinancing, or purchasing of investment real estate projects.

What is the range of financing provided by Washington Trust's Commercial Real Estate Group?

The financing ranges in size from several hundred thousand dollars up to multi-million dollar projects.

Who can be contacted for more information about Washington Trust's Commercial Real Estate Group?

For more information, contact Bethany Lyons, Vice President, Commercial Real Estate Group, at 401-348-1538.