Company News, Commercial Banking

Washington Trust Provides $5.76 Million to Granite SS, LLC

August 31, 2022

Westerly, RI - Washington Trust’s Commercial Real Estate Group recently provided a $5.76 million commercial mortgage to Granite SS, LLC, an affiliated entity of The Storage Investment Group, LLC of Wayne, Penn., to finance the purchase of an existing 367-unit self-storage facility located in Westerly, Rhode Island.

Constructed in 2004, the property is comprised of 51,725 square feet of rentable area within 376 self-storage units built on a 3.51-acre parcel of land. Most units have exterior (drive-up) access, with temperature-controlled units. Project amenities include surveillance cameras, temperature-controlled units, keypad entry, and on-site management, as well as 54 uncovered spaces available to rent for RVs, boats, and trailers.

“With people working from home during the pandemic, we saw an increased need for more space and less clutter in the home,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We’re pleased to provide financing for this property in Westerly, R.I., where there is a strong demand for self-storage units.”

“We are thrilled to be working with the team at Washington Trust on another excellent loan execution,” said Christopher Corr, CEO of The Storage Investment Group. "Through the investment of this facility we continue to execute on our business plan of acquiring quality, value-add self storage properties in thriving markets that provide excellent opportunities for growth. With our strong leadership team and accomplished partners such as Washington Trust, we look forward to the continued growth of our national portfolio.”

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/.

ABOUT THE STORAGE INVESTMENT GROUP, LLC

The Storage Investment Group, LLC is a privately held self-storage investment company based in Wayne, PA. The company was founded in 2018 by industry veterans Christopher Corr & Christopher Knauer and currently owns and operates a portfolio of properties along the eastern seaboard of the U.S. For further information about the company and its current offerings, please visit contact Christopher Corr at [email protected] or visit www.storageig.com.

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