Washington Trust Finances $8.5M Rebuild of Block Island Hotel
Washington Trust Company has issued an $8.5M loan to reconstruct the Harborside Inn, a landmark hotel on Block Island, Rhode Island.
The Washington Trust Company has provided $8.5 million in financing to VVO Real Estate Holding, LLC to fund the reconstruction of the Harborside Inn, a historic hotel and retail property situated at 41 Water Street in New Shoreham, Block Island, Rhode Island.
The Harborside Inn is considered a landmark property on Block Island, combining lodging accommodations with retail space at one of the island's most prominent waterfront addresses. The reconstruction project signals continued private investment in the coastal tourism destination, which draws seasonal visitors to the small Rhode Island island community.
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Westerly, Rhode Island-based Washington Trust Company served as the lending institution behind the deal, extending the multimillion-dollar commercial real estate loan to support the redevelopment effort. Washington Trust is among the oldest community banks in the United States and has a longstanding presence in Rhode Island's commercial lending market.
The financing arrangement underscores the ongoing demand for hospitality infrastructure upgrades in New England's coastal resort markets, where aging properties increasingly require substantial capital to meet modern visitor expectations and building standards.
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