Washington Trust Finances $8.5M Rebuild of Block Island Hotel
Washington Trust Company has provided $8.5 million to reconstruct the Harborside Inn, a landmark hotel on Block Island, Rhode Island.
The Washington Trust Company has extended an $8.5 million financing package 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 on Block Island, a small but popular island community off the Rhode Island coast. The project involves a full reconstruction of the property, which combines hotel accommodations with ground-level retail space, underscoring its dual role in the local economy and tourism sector.
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Westerly, R.I.-based Washington Trust, one of the oldest community banks in the United States, has a long record of financing commercial real estate projects across southern New England. The loan to VVO Real Estate Holding reflects continued institutional appetite for hospitality and mixed-use development in coastal markets, even as broader commercial real estate lending has faced headwinds from elevated interest rates.
Block Island draws significant seasonal tourism each year, and the redevelopment of a waterfront property of this profile could carry meaningful economic implications for the island's small year-round business community. The inn's location on Water Street places it at the center of the island's primary commercial district, adjacent to ferry landing activity that drives much of the foot traffic in New Shoreham.
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