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Washington Trust Provides $2.48 Million in Financing for Howard Johnson Hotel in Mystic, CT

WESTERLY, R.I., July 05, 2016 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $2.48 million to Mystic Hospitality, LLC, for the refinancing and renovations of the 77-room Howard Johnson Inn in Mystic, Connecticut.

Located at 253 Greenmanville Avenue in Mystic, the Howard Johnson Inn is currently undergoing complete renovations, including new flooring, furnishings and bathrooms for all 77 of its guest rooms. The Howard Johnson Inn is set just off of Interstate-95, in the tourist-driven coastal town of Mystic. The hotel’s amenities include a full-service restaurant, indoor swimming pool and fitness center.

“The owners of this property are doing a great job upgrading this strategically placed asset in Mystic,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “As existing clients of ours, we know the quality product that they deliver to their guests and we are pleased to be able to work with them on this project.”

Mystic Hospitality, LLC is a Connecticut based limited liability company.

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 Timothy M. Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 800-475-2265 ext. 1482.

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 www.washtrust.com.

MEDIA CONTACT: Tony Nunes Public Relations 401.348.1657 ajnunes@washtrust.com

Source:The Washington Trust Company