Westerly – November 07, 2026 -- The Washington Trust Company has provided $8.5 million in financing to VVO Real Estate Holding, LLC for the reconstruction of the Harborside Inn, a hotel and retail property at 41 Water Street in New Shoreham, Rhode Island.
Fire in August 2023 destroyed the property opposite the Block Island Ferry terminal
The building stands directly across from the Block Island Ferry terminal. VVO Real Estate Holding is redeveloping the site, and the finished project will include a 33-room full-service hotel, a leased restaurant space and 10 leased retail spaces.
The Haynes Group targets May 2027 completion
The Haynes Group of West Bridgewater, Massachusetts, is managing construction. The project is expected to restore a prominent hospitality and commercial asset to New Shoreham's waterfront district.
Lender cites four decades of local presence and a relationship dating to 2002
Washington Trust's local branch has served the Block Island community for more than 40 years. Joseph Confessore, senior vice president and managing director of commercial and private banking, said the hotel's temporary closure affected residents, businesses and visitors.
David Kmetz, vice president and team leader of commercial banking, has worked with the owners since they bought the property in 2002. Michael Finnimore, principal of VVO Real Estate Holding, said that after the fire "Washington Trust never wavered."