World News: 19:00 GMT Wednesday 17th April 2019. [The Washington Trust Company via Globe Newswire via SPi World News]
COMMACK, N.Y., April 17, 2019 (GLOBE NEWSWIRE) -- Washington Trust’s 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 , Vice President, Commercial Real Estate Group, at 401-348-1538 or 1-800-475-2265 ext. 1538.
Globe Newswire: 19:00 GMT Wednesday 17th April 2019
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