COMMACK, N.Y., April 17, 2019 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $13.5 million to Commack CHI, LLC, for the refinancing and property improvements of a 143-room Hampton Inn located in Commack, New York.
Commonly known as the Hampton Inn Long Island/Commack, the 5-story, 143-room hotel was built in 1988 and is located within easy access off of the Long Island Expressway and in close proximity to the Happaug Industrial Park - one of the largest industrial parks in the Northeast. The property features an indoor swimming pool, fitness facility, breakfast area, business center, and meeting space. Property improvements will consist of lobby and room renovations including new furnishings, updated technology, and an expanded exercise room.
“Chartwell has been a long-standing, valued client of Washington Trust and we are excited to expand our relationship by providing refinancing for this high performing and strategically placed hotel,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We look forward to seeing the further improvements planned for the property, which will further enhance its success.”
Commack CHI, LLC, is a single asset limited liability company of Chartwell Hotels. Since 1985, Chartwell Hotels has owned and operated hotels under various flags including the Marriott®, Hilton®, Starwood®, Intercontinental® and Radisson® brands. Currently, they own and manage eight hotels in the Eastern U.S., including four in Williamsport, PA, with others in Wilkes-Barre, PA, Commack, NY, Vestal, NY and Warwick, RI.
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 or 1-800-475-2265 ext. 1538.
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/.
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