Block Island, RI In late fall, Bank Rhode Island (BankRI) provided Ballard’s Inn, LLC with a $5.85 million loan to assist with the acquisition of Hotel Manisses at 5 Spring St. The financing was facility supported with permanent and variable pricing financial products.
The borrower acquired the property from Block Island Resorts, LLC and the Filippi Family will operate the 17-room hotel and restaurant under the Ballard’s Resort umbrella, which also includes Ballard’s Inn.
Andy Deluski, BankRIBallard’s Inn is open approximately four-and-a-half months a year, typically from Memorial Day to Columbus Day. In recent years, occupancy of Ballard’s Inn during this time period has been 100%.
Hotel Manisses and Ballard’s Inn are within walking distance of each other and expected to complement each other during the peak of tourism season.
“Block Island is not only a beautiful resource within Rhode Island, it also holds the potential to become a world class tourist destination, which is the vision of our client and the Filippi family,†said Andrew Deluski, who facilitated the transaction and serves as vice president, senior business lender for BankRI. “It was a privilege to work with Ballard’s Inn, LLC to meet their financial needs and see this acquisition become a reality.â€
BankRI’s commercial real estate division provides financing for the construction, refinancing, or purchasing of investment real estate projects.
For more information on Block Island visit http://www.blockislandinfo.com/
For more information on The Hotel Manisses visit http://hotelmanisses.com/
For more information on Ballard's Inn visit http://www.ballardsbi.com/pages/Home.cfm