WESTERLY, R.I., Nov. 6, 2026 /PRNewswire/ -- The Washington Trust Company (Washington Trust), has provided $8.5 million in financing to VVO Real Estate Holding, LLC for the reconstruction of the Harborside Inn, a landmark hotel with retail space located at 41 Water Street in New Shoreham, Rhode Island.

The building, which is directly across from the Block Island Ferry terminal, was destroyed in a fire in August 2023. VVO Real Estate Holding, LLC is undertaking the redevelopment of the property, which will include a 33-room full-service hotel, a leased restaurant space and 10 leased retail spaces upon completion. The project is expected to restore a prominent hospitality and commercial asset to New Shoreham's waterfront district.

"The destruction of the Harborside Inn hit close to home for Washington Trust. Our local branch has been part of the Block Island community for more than four decades and we know the impact the hotel's temporary closure has had on residents, businesses and visitors alike," said Joseph Confessore, senior vice president and managing director of commercial and private banking, Washington Trust. "We are proud to help restore this historic destination and important asset to Block Island's tourism economy, and are honored to support this project." 

"The Harborside Inn has long been a significant part of Block Island's waterfront and its history," said David Kmetz, vice president and team leader of commercial banking, Washington Trust. "I've worked with the owners since they purchased the property in 2002 and know how committed they have been to restoring it. Washington Trust is pleased to support the reconstruction of this treasured landmark."

"During one of the most difficult times in my life and business, Washington Trust never wavered. Instead, the bank stood by my side, believed in the Harborside Inn's future, and helped make rebuilding possible," said Michael Finnimore, principal, VVO Real Estate Holding, LLC. "That kind of loyalty and confidence is something I will never forget."

Construction is being managed by The Haynes Group in West Bridgewater, Massachusetts, and is expected to be completed in May 2027.

ABOUT THE WASHINGTON TRUST COMPANY
Founded in 1800, The Washington Trust Company ("Washington Trust") is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of New England's premier financial services companies. In 2025, Washington Trust reached a milestone of 225 years in operation, marking its commitment to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., a publicly-owned holding company which trades on NASDAQ: WASH. For more information, visit the Bank's website at www.washtrust.com or the Corporation's website at ir.washtrust.com.

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SOURCE The Washington Trust Company