PROVIDENCE – Bank Rhode Island recently finalized a $12.5 million loan to refinance the Summercamp Hotel on Martha’s Vineyard.
Formerly the Wesley Hotel, Summercamp is a 95-room boutique hotel on Lake Avenue in the island’s Oak Bluff section, directly across the street from a harbor.
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, the bank said.
The hotel was acquired by its current owners in 2016 and underwent more than $5 million in renovations before being rebranded as Summercamp.
The property is the largest oceanfront hotel on the island, and it has been in continuous operation as a destination for travelers since 1879, according to the bank.
Bank Rhode Island’s Commercial Real Estate Division handled the refinancing.
“There are many things that make Summercamp both unique and desirable, from its incredible location to the hotel’s rich and distinct history,” Jane Long, the bank’s assistant vice president of commercial real estate, who worked the deal, said in a statement.
“The transformation of Summercamp is a testament to the owners’ commitment to preserving its past while embracing its future – we’re very pleased to meet their financial needs for this amazing property,” Long added.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
