News: Front Section
Posted: August 30, 2019
BankRI finalizes $12.5 million loan to refinance the Summercamp Hotel: 95-room boutique hotel on Lake Ave. in Oak Bluffs, Martha's Vineyard
Oak Bluffs, MA The commercial real estate division of Bank Rhode Island (BankRI) finalized a $12.5 million loan to refinance the Summercamp Hotel, located on Martha’s Vineyard. The hotel is owned by Red Avocado, LLC, a hotel development company for the Lark Hotel Group, and Equity Resource Investments, LLC, a private real estate equity firm.
Formerly the Wesley Hotel, Summercamp is a 95-room boutique hotel on Lake Ave. and across the street from the harbor. It was acquired by its current owners in 2016 and underwent more than $5 million in renovations before being re-branded as Summercamp.
The property is one of the largest ocean-front hotels on the island, and has been in continuous operation as a destination for travelers since 1879.
BankRI
“There are many things that make Summercamp both unique and desirable, from its incredible location to the hotel’s rich and distinct history,” said Jane Long, assistant vice president, commercial real estate, BankRI, who facilitated the deal on the bank’s behalf. “The transformation of Summercamp is a testament to the owner’s commitment to preserving its past while embracing its future – we’re very pleased to meet their financial needs for this amazing property.”
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