Washington Trust Provides $5.1 Million in Acquisition Financing to JLL Capital Markets
September 02, 2021
Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided $5.1 million in financing to JLL Capital Markets for the acquisition of Cornerstone Self Storage, a 359-unit, 48,025-square-foot self-storage facility in the coastal community of Westerly, Rhode Island.
Situated on 1.79 acres on the heavily travelled U.S. Route 1 at 234-236 Post Road, Cornerstone Self Storage is comprised of five buildings that house a combination of climate-controlled and drive-up units ranging from 25 to 450 square feet. Completed between 1982 and 2015, the facility also has 28 RV parking spaces along with a 1000 kw solar system, 24/7 video surveillance, an on-site manager, perimeter-wide fencing, and electronic gate access.
“We are pleased to have provided financing for a property that has operated in Westerly for almost 40 years,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group, “Cornerstone Self Storage enjoys excellent visibility on heavily travelled Post Road within an area with strong demographics, including average household incomes over $100,000 within a one to three-mile area, and a population that nearly doubles in the summertime.”
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 Laurel Bowerman, Vice President, Commercial Real Estate Group, at 401-654-4847.
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 https://www.washtrust.com/.