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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 06:25 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!

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