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| 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.
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| 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.
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| 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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