Commercial Banking

Washington Trust Provides Financing to Quarry Milford, LLC

January 10, 2022

Milford, Mass. - Washington Trust’s Commercial Real Estate Group recently provided financing to Quarry Milford, LLC for the acquisition and redevelopment of Quarry Square, a 196,674 square foot retail center located in Milford, Massachusetts, into a mixed use (retail and industrial/flex) property.

The borrowing entity is sponsored by RJ Kelly (RJK), a New England-based, vertically integrated commercial real estate firm founded in 1951 and headquartered in Burlington, Mass. RJK has expertise in acquisition, development/re-development, entitlement, construction, leasing, and asset/property management, with a portfolio consisting of land, office, R&D/flex, industrial, retail, mixed-use, and self-storage properties, and holdings throughout New England and beyond.

RJK intends to capitalize on the demand for industrial space by converting two vacant boxes (formerly Stop & Shop, TJ Maxx/HomeGoods) on the east side of the property to industrial flex space, while simultaneously repositioning the existing retail tenancy on the west side of the property. Once complete, the property will be comprised of 140,995 square feet of industrial flex and 55,679 square feet of retail space.

“We are excited to expand our relationship with RJ Kelly, who continues to meet market demand for industrial users,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.

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 Bethany Lyons, Vice President, Commercial Real Estate Group, at 401-348-1538.


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).

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