BankRI finalizes $5M package for townhouses in Bonnet Shores

NARRAGANSETT – Bank Rhode Island has finalized a $5 million deal for construction financing to develop 11 duplex buildings and three triplex buildings in Narragansett.
The financing package, provided to Shore Club Condominiums LLC, will go toward the development of the townhouses on 11 acres of the coastal community of Bonnet Shores, located off Boston Neck Road, according to a press release.
“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 the bank. Cunningham facilitated the deal.
“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 Wordens Pond Builders,” he added.
The marketing of the property is being managed by Shawna Amitrano.