Washington Trust’s Commercial
Real Estate Group recently provided $13 million in debt financing
to an affiliate of MCR Development LLC for the financing of the 120 room
Homewood Suites by Hilton Egg Harbor hotel located at 3008 English Creek
Ave. in Egg Harbor Township, New Jersey.
“The Homewood Suites is in convenient proximity to local business
centers like the FAA’s William J. Hughes Technical Center as well as
tourism destinations like Atlantic City, generating a greater demand for
rooms in the area,” said Joseph J. MarcAurele, Washington Trust Chairman
and Chief Executive Officer.
The Homewood Suites Egg Harbor Township is a 4-story hotel offering
extended-stay lodging with an indoor swimming pool, exercise room,
sports court, business center, suite shop, and guest laundry room. The
property was acquired in May of 2012.
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 Catherine Fusco, Vice President, Commercial Real
Estate Group, at 401-348-1681 or 800-475-2265 ext. 1681.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust
is one of New England’s premier financial services companies, providing
commercial banking, personal
banking, mortgage
banking, and wealth
management services to individuals and institutions throughout the
region. Our Commercial Banking Group offers a full line of commercial
and industrial lending, commercial real estate, and cash management
services to borrowers throughout the Northeast. Our team of experienced
professionals are dedicated to providing customized, comprehensive
financing and personalized services. The Washington Trust Company is a
subsidiary of Washington Trust Bancorp, Inc., (NASDAQ Global Select,
symbol: WASH).
Copyright Business Wire 2014