BankRI lends $5.6M for medical office development

WESTERLY – Bank Rhode Island recently provided a $5.6 million construction loan to assist with the acquisition and development of nearly four acres of land in Westerly, which is slated to become a medical office building.
The loan was granted to the East Greenwich-based real estate holding company WSCHB LLC and will go toward the construction of a 30,000-square-foot, multitenanted medical office facility at 268 Post Road.
“This is an exciting project that will turn a vacant lot into a 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 at Bank Rhode Island, in a statement.
John K. Greim Jr., managing partner of WSCHB, is heading the development, which is slated to turn into Westerly Medical and Wellness Center with tenants, including South County Health and Orthopedics Rhode Island, according to a press release.
“We’re pleased to have had the opportunity to work with WSCHB LLC and help get this project started,” Brackenbury added.
Bank Rhode Island, a Brookline Bancorp Inc. company, is headquartered in Providence.

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