Washington Trust Provides Commercial Financing for the Acquisition of 175-Room Hotel in Plymouth, MA
March 02, 2016
March 2, 2016
Westerly, RI – Washington Trust’s Commercial Real Estate Group recently provided financing to Plymouth Downtown BVL Investment Group, LLC and Plymouth Downtown BVL Operating Group, LLC, for the acquisition and capital improvements of a former Radisson Hotel in Plymouth, MA.
Located at 180 Water Street, the 175-room hotel is set directly across from Plymouth Harbor and Plymouth Pier, well located near the seaside community’s various attractions including Plymouth Rock and the Mayflower replica. The hotel will undergo significant improvements planned for the lobby, rooms, meeting spaces and exterior. Formerly the Radisson Plymouth, the space will now be named Hotel 1620 at Plymouth Harbor.
“Linchris is well known for their talent in finding good properties in strong locations, and using their team’s expertise to achieve even stronger results,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We are excited to be a part of this latest endeavor and look forward to seeing its success.”
Plymouth Downtown BVL Investment Group, LLC and Plymouth Downtown BVL Operating Group, LLC, are affiliates of Linchris Hotel Corporation, a full and limited-service hotel management company out of Hanover, MA.
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 Bethany A. Lyons, Vice President, Commercial Real Estate Group, at 401-348-1538 or 800-475-2265 ext. 1538.
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 OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.