CRANSTON – Bank Rhode Island last month provided $4 million in financing to purchase a three-story office building in Cranston.
The loan was supported with permanent hedge pricing, and made with WJC LLC, a real estate company. The 22,965-square-foot building, at 1 Capital Way, is at full capacity and home to BlumShapiro, a regional accounting firm. The firm moved there from Providence last year.
Andrew Deluski, vice president of commercial real estate at Bank Rhode Island, liked the deal because the building is near Cranston’s “growing business district.
“Our client, WJS LLC … was excited at the opportunity to acquire this property and we’re extremely pleased to be able to meet their financial needs and help make their acquisition a reality,” Deluski said.
Deluski facilitated the deal, and Peter Kenn, vice president of Heodecke & Co. LLC, arranged the financial placement of the transaction, according to a press release.
Bank Rhode Island is a subsidiary of Boston-based Brookline Bancorp Inc.
Eli Sherman is a PBN staff writer.
