Friday, October 25, 2013

HFF secures financing for resort on Lake George in New York


The Sagamore Resort, Lake George in Bolton Landing, NY

BOSTON, MA – HFF announced today that it has secured financing for The Sagamore Resort, a historic golf and lakefront resort on Lake George in Bolton Landing, New York.

Dana Brome
               Working exclusively on behalf of Ocean Properties, Ltd., HFF placed the 10-year, fixed-rate loan with Cornerstone Real Estate Advisers acting on behalf of an institutional investor. 

               Originally built in 1883, The Sagamore Resort is listed in the National Register of Historic Places and is situated on Green Island on the banks of Lake George in New York’s Adirondack Region. 

The collateral includes revenue from 386 units located in the 137-room historic hotel, seven lodge condominium buildings, the 10-suite Hermitage carriage house and the six-bedroom home referred to as Wapanak Castle. 

Also included in the loan collateral are the fitness center, pools, lake house, pavilion, docks, conference center, event center, sales and conference services building, tennis courts and an 18-hole golf course and clubhouse.

               The HFF team representing Ocean Properties, Ltd. was led by senior managing director Dana Brome.

Green Island, NY
               Ocean Properties, Ltd. & Affiliates (OPL) is one of the largest and most dynamic privately held hotel management and development companies in North America.  

With an award-winning portfolio of more than 118 hotels and 18,300 guestrooms, the company operates major brands such as Marriott, Hilton, Starwood and Intercontinental, as well as several independent hotels and resorts.

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., U.K. Europe and Asia, is one of the world’s largest global real estate investment managers.  It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity, and securities expertise and services to institutional and other qualified investors around the globe. 

Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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