Washington Trust Provides financing to RRH Hotel, LLC
February 21, 2023
Washington Trust’s Commercial Real Estate Group recently provided permanent financing to RRH Hotel, LLC for the property located at 55 Gate Road in North Kingstown, R.I.
The subject property is a 104-room, midscale, extended-stay hotel franchised as a TownePlace Suites by Marriott. The property benefits from an excellent location in the Quonset Business Park and has a strong competitive advantage due to its proximity to Quonset Point and Electric Boat.
“We are pleased to have provided financing for our borrower for this property close to several major local employers, including Electric Boat, Senesco Marine, Toray Plastics, and Ocean State Job Lot,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “The financing of this property strengthens Washington Trust’s commitment to the continued improvement and development throughout Quonset Business Park.”
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 Kevin Hanrahan, Vice President, Commercial Real Estate Group, at 401-348-1354.