Updated Nov 10, 2026
Washington Trust Provides $8.5 Million Loan To Michael Finnimore For Harborside Inn Reconstruction
41 Water Street
$8,500,000
Building Size
—
Asset Type
Hotel
Closing
Nov 6, 2026
About this deal
AI
The Harborside Inn is located at 41 Water Street, Block Island, Rhode Island. This hotel was previously destroyed by fire in August 2023 and is currently under reconstruction funded by a loan from Washington Trust.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $8,500,000
- Lender: Washington Trust
- Landlord: Michael Finnimore - VVO Real Estate Holding
- Loan Type: Construction
- Loan Date: 11/06/2026
The loan provided by Washington Trust to VVO Real Estate Holding focuses on the reconstruction efforts for the Harborside Inn, a prominent asset in the Block Island market, allowing for the restoration of this landmark hotel.
On the Map
$8,500,000
Hotel
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Block Island Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93