Washington Trust Provides $8.5 Million Financing for Harborside Inn Reconstruction
The Washington Trust Company has extended $8.5 million in financing to VVO Real Estate Holding, LLC to fund the reconstruction of the Harborside Inn in New Shoreham, Rhode Island. The landmark property, located near the Block Island Ferry terminal, was destroyed by a fire in August 2023. The redevelopment project aims to restore a key hospitality and commercial asset to the Block Island waterfront. Upon completion, the site will feature a 33-room full-service hotel, leased restaurant space, and 10 retail units. Construction is being managed by The Haynes Group and is slated for completion in May 2027.
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Topics: commercial financing hospitality industry real estate development reconstruction project