Funding
Washington Trust Provides $8.5 Million to Rebuild Block Island's Harborside Inn
By News Desk ·
Key takeaways
- Washington Trust provided $8.5 million in financing to VVO Real Estate Holding, LLC for the Harborside Inn reconstruction in New Shoreham, Rhode Island.
- The rebuilt property will include a 33-room full-service hotel, a leased restaurant space and 10 leased retail spaces.
- The Haynes Group of West Bridgewater, Massachusetts, is managing construction, which is expected to be completed in May 2027.
The Washington Trust Company has provided $8.5 million in financing to VVO Real Estate Holding, LLC to rebuild the Harborside Inn at 41 Water Street in New Shoreham, Rhode Island, the bank announced on November 6, 2026. PR Newswire carried the announcement.
Washington Trust Backs the Harborside Inn Rebuild
The building, directly across from the Block Island Ferry terminal, was destroyed in a fire in August 2023. VVO Real Estate Holding is redeveloping the property, which will include a 33-room full-service hotel, a leased restaurant space and 10 leased retail spaces upon completion. The Haynes Group in West Bridgewater, Massachusetts, is managing construction, which is expected to be completed in May 2027.
Joseph Confessore, senior vice president and managing director of commercial and private banking at Washington Trust, said the bank's local branch has been part of the Block Island community for more than four decades. "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," he said.
David Kmetz, vice president and team leader of commercial banking at Washington Trust, said he has worked with the owners since they purchased the property in 2002. Michael Finnimore, principal of VVO Real Estate Holding, said the bank "stood by my side, believed in the Harborside Inn's future, and helped make rebuilding possible."
Washington Trust's Lending Record
According to akta.pro company records, Washington Trust reported $6.5 billion in total assets as of March 31, 2026, and $6.7 billion as of September 30, 2025. The same records list a December 2024 post-IPO equity round of $55 million and 43 consecutive years of dividend payments.
| Record | Figure |
|---|---|
| Total assets, March 31, 2026 | $6.5 billion |
| Total assets, September 30, 2025 | $6.7 billion |
| Post-IPO equity round, December 2024 | $55 million |
| Consecutive years of dividend payments | 43 |
Earlier Washington Trust Announcements
In August 2026, Washington Trust launched its Age With Wisdom education series in Rhode Island and southeastern Connecticut to help older adults prevent financial exploitation and plan for the future, PR Newswire reported. On September 1, 2026, Providence Business News reported that the bank won first place in the finance category of the 2026 Rhode Island Community's Choice Awards, announced August 25, with the most votes among participating banks.
Harborside Inn Completion Timeline
Washington Trust said construction is expected to be completed in May 2027. The rebuilt property is to include the 33-room hotel, the leased restaurant space and the 10 leased retail spaces at that point.