Westerly-based Washington Trust has provided $7.5 million in both short-term and permanent financing to Quonset Development Corp. of North Kingstown, R.I., for a dredging project to increase the channel depth and expand shipping capabilities at the Port of Davisville in Quonset Business Park. This is the first dredging effort of the Davisville channel since its original construction in the 1940s.
The port, owned and operated by the Quonset Development Corp., is the seventh largest auto port in North America. Through grants secured by U.S. Sens. Jack Reed and Sheldon Whitehouse and U.S. Rep. James Langevin, the port has invested $22.3 million in infrastructure improvements.