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Thread: Balsams Update - Go Big or Go home

  1. #196
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    All great context, PB, thanks for sharing.

  2. #197
    Senior Member Vermonster's Avatar
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    I think you are off one buyer in the Saddleback cast of characters

    Quote Originally Posted by peakbagger View Post
    the latest Saddleback Mountain deal seemingly on hold since the prior potential buyer got busted for financial fraud, .
    Unless I am mistaken, the latest potential buyers are still in the running (and not from behind bars).

    March 18, 2019
    Boston firm renews offer to buy Saddleback

    Saddleback Mountain in Rangeley, closed since 2015, may have a buyer — one who previously planned to buy the resort but backed off last year.

    Arctaris Impact Fund, of Boston, has renewed its offer to the Berry family to buy the resort, the Portland Press Herald reported Saturday.

    The Berrys have owned the resort since 2003 and closed it in 2015.

    The Boston investment firm last year planned to buy the resort, but had a setback in June, when the area wasn’t included in Gov. Paul LePage’s 32 designated Opportunity Zones.

    More: https://www.mainebiz.biz/article/bos...buy-saddleback

  3. #198
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    I had looked up the status and the Boston groups offer as the last info I could find was that article you posted the link to. Given the timing to reopen my assumption was the current owners would have commented about the likelihood of a sale. Given its been 3 month with no media reports my assumption was it was stalled.

  4. #199
    Senior Member Scubahhh's Avatar
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    VTDigger's talking about $80-100 M. for Jay.

    Compared to The Balsams this looks like a nearly turn-key opportunity and a steal!

    Now, if I could just figure out where I left that $100 mil...
    Add life to your years!

  5. #200
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    I had heard third hand from someone more familiar with Saddleback is the offering price on the table from the Boston group is less than the current owners have into the place. The Australian investor offered the world but he turned into a crook.

    Jay was using Bill Stenger, one of the co-conspators as a consultant up until Bill was arrested. The receiver has said in the past that he was willing to wait a bit until they had a good winter under their belts to sell. Given last winter I dont think they are going to find a better winter. Burke on the other hand apparently has been struggling and the receiver indicated it may take more time to sell.

  6. #201
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    EB-5 Stampede https://www.forbes.com/sites/andyjse.../#6051cfff7e3b
    This may help Balsams and every other project if they can meet the deadline.

    On the other hand if they dont make it under the wire it may be the end of this source of funding. There is a recent upgrade of the opportunity zone program
    https://www.irs.gov/newsroom/opportu...sked-questions
    Last edited by peakbagger; 07-08-2019 at 05:25 AM.

  7. #202
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    Les Otten made the news last night, he is moving to the Dixville Notch so the first in the nation primary vote and general election tradition can continue. Without Les they would not have enough residents.

    https://www.pressherald.com/2020/01/...lectoral-fame/

  8. #203
    Senior Member bcskier's Avatar
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    "Moving" to D.N. for the purpose of declaring it his residence for casting his vote. I suspect he probably won't be spending any more time there than he already does. Having D.N. keep it's mythic status as the first place to release its vote is probably too valuable a marketing tool to let slip.

  9. #204
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    Les did an interview that the redevelopment is progressing with a long list of folks with deposits just ready and waiting for their unit and that is why he is moving up there to concentrate more of his time at the site. His current residence is not that far away down RT 26. Given the state tax differences between Maine and NH maybe he is becoming a tax refugee.

    FYI a recent Coos County planning board meeting reviewed the outstanding issues with respect to permitting the redevelopment project. They reported a long list of items with no progress.

  10. #205
    Senior Member Scubahhh's Avatar
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    Smart move.
    Add life to your years!

  11. #206
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    Les Otten gave a Balsams update

    https://www.conwaydailysun.com/berli...1fff7e944.html

    Hmmh, smells like a description of a high end survival/sustainability concept. I wonder if they include mining the bridges on RT 26 on either side of the resort for a SHTF scenario

    BTW, the resort previously was supplied power from a biomass power plant that the silent partner scrapped. I think they may have also had a couple of hydros or at least capability to do so.

  12. #207
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    FYI, The CBRE listing for the Balsams is no longer available and searching the website there is not sign of it.

  13. #208
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    Interestingly, query whether the pandemic is good for a Balsams revival. Probably too little too late with no govt budgets and no one interested in real estate investment. Yet with the massive influx of tourism to MWV (and I suspect elsewhere in the state) in recent weeks, the mind does ponder. Never seen so many NY, NJ, CT and RI plates before.

  14. #209
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    I did see that Les's former property down the road in Newry Maine is taking advantage of the demand https://www.nshoremag.com/faces-plac...opportunities/ I wonder if any of the Balsams escrowed deposits are headed down RT 26 to Bethel?.

    Realistically the Balsams project still requires permitting to be completed as they had stopped the process at one point. There are still significant environmental issues about pumping Androscoggin River water to the headwaters of the Connecticut river for snowmaking (I believe this option has been pushed to a later stage of the build out but key to the major ski area expansion). I an unsure if the project will go back before the state to get access to infrastructure bonds so expect that barring an ultra rich person writing a check for $176 million and starting at risk without permits, my guess is its two winter seasons before its open. Meanwhile Saddleback has put in a new lift, making major base lodge expansion and improvements and is planning more development and Jay is still for sale turn key reportedly for far less than the financing for the Balsams. All three ski areas are in the mystical snow belt that Les refers that will retain snow when the other farther south areas are green grass.

    I am starting to wonder if Bayroot (Yale retirement fund) will not buy the bulk of the Balsams lot for timber and future wind power development, They are an abutter and seem to be willing to invest long term as they just bought similar size clear cut parcels from Dillon in Success NH. Reportedly the two prior partners who bought the Balsams paid in the vicinity of 3 million for the entire lot and between major timber operations on land that had not been cut for 100 plus years and the auction of anything not nailed down just about covered their investment. Maybe someone will build an ATV resort on the former hotel site using the only buildings that are worth salvaging (The original hotel structure was deemed to be too expensive to rehab so the project assumed they would build an entirely new structure)
    Last edited by peakbagger; 08-17-2020 at 05:54 PM.

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