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.
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Learn MoreAndrew 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.