banking

Washington Trust finances NY hotel

Posted 5/8/12

WESTERLY – Washington Trust, the state’s largest independent bank, recently provided a $10.35 million commercial mortgage to an affiliate of MCR Development LLC for the financing of the SpringHill Suites by Marriott Long Island Brookhaven. The Marriott is a 128-room hotel located at 2 Sawgrass Drive in Brookhaven, New York.

Cate Fusco, Washington Trust vice president, served as lead lender for the project as part of the bank's commercial real estate group which provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing can range from several hundred thousand dollars up to multi-million dollar projects like the aforementioned Marriott.

“The hotel is ideally situated near several large New York business parks as well as major research and educational institutions. Its location, Marriott branding, and strong management team, have contributed to the hotel’s success,” said Joseph J. MarcAurele, Washington Trust Bank chairman, president and CEO.

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