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Washington Trust Finances Homewood Suites by Hilton in Egg Harbor Township, New Jersey

Westerly, Rhode Island... 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).

MEDIA CONTACT: Elizabeth B. Eckel, Senior Vice President, Marketing
TELEPHONE: 401-348-1309
EMAIL: ebeckel@washtrust.com
DATE: March 24, 2014
FOR IMMEDIATE RELEASE

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