Narragansett, RI Bank Rhode Island (BankRI), through its commercial real estate division, has finalized a deal to provide $5 million in construction financing to Shore Club Condominiums, LLC. The loan will assist with the land development and building of 31 luxury coastal townhouses.
Once completed, the Shore Club will be the only new townhouse development in Narragansett, situated on 11 acres in the coastal community of Bonnet Shores, just off Boston Neck Rd. The Shore Club will offer 11 duplex buildings and 3 triplex buildings.
“Residential property in and around Narragansett with ocean views is not only desirable, it is in high demand,” said David Cunningham, vice president of commercial real estate for BankRI, and who facilitated the transaction. “This is a project that BankRI is excited about – we are pleased to have been able to meet the financial needs of the site’s developer, Tony Fiore, owner of Worden Pond Builders.”
The Shore Club project is underway and models are currently open daily for viewing. Units have been designed by Union Studio Architects. Each townhouse offers 2,500 s/f of living space.